Partial Increases and Declines on Wall Street: Economic Concerns Continue

Mixed Closure on Wall Street

On the New York Stock Exchange, increasing concerns about the economy and high valuation worries in the technology sector led to a mixed closure on the last trading day of the week. It was observed that investors acted cautiously in the stock markets amid these uncertainties.

Dow Jones Up, Nasdaq Down

At the close, the Dow Jones index rose by %0.16 to 46,987.10 points. Meanwhile, the S&P 500 index climbed %0.13 to 6,728.81 points, while the Nasdaq index fell by %0.22 to 23,004.54 points.

Government Shutdown and Economic Impacts

The ongoing government shutdown has caused disruptions in critical services such as air travel and food assistance. The budget impasse in Washington has deepened further with the rejection of a new proposal put forth by Senate Minority Leader Democrat Chuck Schumer by the Republicans. Prolonged government shutdown continues to raise concerns about economic growth.

Consumer Confidence Index and Technology Stocks

The consumer confidence index measured by the University of Michigan fell short of market expectations at 50.3 points in November. This value is just above the 50 level measured in June 2022, which is among the lowest levels recorded since 1978. Consumers' concerns about the potential effects of the federal government being closed for more than a month are increasing.

These uncertainties are also felt in the technology sector. Shares of Oracle dropped by %1.9, Advanced Micro Devices (AMD) by %1.8, and Broadcom by %1.7. During the evaluation of these companies' balance sheets, financial services company Block experienced a %7.7 decline after announcing lower-than-expected profits.

Highlighted Company Performances

On the other hand, Sandisk shares rose by %15.3 as their financial results exceeded forecasts, while online travel platform Expedia increased by %17.6 due to raising its revenue expectations. Tesla, however, saw a %3.7 decrease after CEO Elon Musk approved a payment package of approximately $1 trillion to shareholders for meeting set performance targets.