New York Stock Market Ends Mixed Amid Profit-Taking Despite Sharp Drop in Oil Prices

[Anchor] Here is the latest from the New York stock market. The three major U.S. stock indices closed mixed. While the Dow Jones Industrial Average managed to post gains, the Nasdaq index fell by 0.4% and the S&P 500 index saw a slight decline, as caution regarding large-cap tech stocks persisted. The technology sector led the decline, falling more than 2%, while the materials sector also dropped by over 1%, dampening overall investor sentiment. Despite a sharp drop in oil prices due to easing geopolitical risks, the market closed with the Nasdaq and S&P 500 lower today due to selling pressure from profit-taking centered on tech stocks. Following news of working-level talks between the U.S. and Iran, West Texas Intermediate (WTI) crude plummeted 3.92% to $70.34 per barrel, returning to pre-war levels. While the sharp drop in oil prices, driven by the resolution of supply concerns, pulled down Treasury yields and eased fears of interest rate hikes, caution spread on Wall Street regarding the high earnings expectations for tech stocks. Micron Technology, a bellwether for the semiconductor industry, released its earnings after the market closed, reporting a 345% year-on-year surge in third-quarter revenue to $41.46 billion, achieving an earnings surprise that significantly exceeded market expectations. With the company providing a record-high revenue forecast of $50 billion for the next quarter, Micron shares are currently surging 13% in after-hours trading. Investors are now turning their attention to whether the Personal Consumption Expenditures (PCE) price index for May, which will determine the Federal Reserve's future interest rate path, will exceed market expectations.
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