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Thursday saw a decline in U.S. stocks as the market’s massive surge after Donald Trump’s election cooled. The massive optimism that invited a lot of liquidity into the market after Former president Donald trump won the US Presidential election, investors started to book profits on the high side of the market.
The S&P 500
Even though the S&P 500 dropped 0.6 per cent, it is still close to the record high it reached on Monday. The trump effect on the market has started to fade out, In Thursday’s trading session, The S&P 500 rang the opening bell at 5,989.68 points, in the positive territory, before bears took control of the index and pushed it into negative territory.
The S&P 500 tried hard to get back into the positive territory, but Trump’s effects fading took a toll on the index and the index slipped to day low-level of 5,942.28 points, The S&P 500 concluded the trading session at 5,949.17 points, with a 0.60 per cent slip amounting to a 36.21 point.
The Nasdaq Composite
The tech heavy index, comprising of the leaders of the tech rally like chip manufacturing giant Nvidia and Smartphone titan Apple, along stock included in the magnificent seven pack. The Nasdaq composite also saw wave of profit booking, the euphoria triggered by the duo Donald Trump and Elon Musk after the former won the race for US presidential election.
The Nasdaq composite went on to touch the day-low level of 19,073.39 points after hitting the opening bell at 19,256.09 points with a positive start on the bourse, but profit was followed by the traders of Nasdaq composite, which led to a weak closing of 0.64 per cent amounting to 123.07 points at 19,107.65 points.
Dow Jones Industrial Average
The Dow Jones Industrial Average fell hard on the knees; trump promises and frenzy could hold Dow Jones’ rally on the bourse, The index fell into the negative territory in the opening hour, a good part of first half of the trading session, The bulls and bears were trying hard to keep the index in their territory.
In last hours, bears took control of the index and pushed it further in to the negative territory, leading the index to touch the day-low of 43,704.82 points. The Dow jones closed in the negative territory, at 43,750.86 points with a 0.47 per cent decline, amounting to 207.33 points.
Super micro computer at 20-year low level
After informing U.S. regulators that it requires additional time to submit its financial statements for the most recent quarter, which concluded in September, Super Micro Computer experienced one of the worst losses in the S&P 500, plunging 11.4 per cent on Wall Street.
Although the stock of the server maker has benefitted greatly from the artificial intelligence boom, it has recently experienced difficulties, especially since Ernst & Young resigned as its public accounting firm. A three-month investigation revealed “no evidence of fraud or misconduct on the part of management or the Board of Directors,” according to a special committee of the company’s board.
