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S&P 500 edges higher as chip strength offsets software weakness
The Dow Jones Industrial Average slipped to a two-week low, while E-mini S&P and Nasdaq futures were also modestly higher.
U.S. stock indexes traded mixed on Aug. 17, with the S&P 500 up 0.17%, the Dow up 0.20%, and the Nasdaq 100 up 0.13%, while E-mini S&P futures rose 0.05% and September E-mini Nasdaq futures gained 0.34%. Despite broader strength, the Dow Jones Industrials slid to a two-week low as weakness in software stocks weighed on the average.
Market momentum was supported by technology, after a report on Anthropic PBC indicated its Q2 revenue jumped by at least 14-fold from the prior year period, reinforcing expectations of sustained artificial intelligence-related spending, according to Bloomberg as cited by Yahoo Finance.
Some macro data also helped stocks, with the Aug Empire manufacturing survey general business conditions index rising unexpectedly 5.0 points to 20.6, versus expectations for a decline to 10.0. At the same time, signs of softness in China weighed on sentiment, with July industrial production up 4.5% year over year versus 5.0% expected, retail sales up 0.6% versus 1.5% expected, and the survey jobless rate rising to 5.2.
In commodities, WTI crude for September was moving higher, with the move tied to fresh Israeli attacks linked to Hezbollah in Lebanon and strikes tied to Hamas in Gaza, alongside attacks involving the Houthis and incidents in the Strait of Hormuz. Yahoo Finance said those developments reduced the odds of a quicker end to hostilities and a faster reopening of the Strait of Hormuz.
Latest closeWTI crude $82.40 ▲1.4%|S&P 500 7,785.76 ▼0.2%|Nasdaq Comp. 26,729.16 ▼0.3%