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(Seoul=Yonhap Infomax) Jung Won Yoon – The three major U.S. stock indexes opened mixed as investors weighed a sharp decline in Nvidia shares and renewed hopes for a peace agreement between Russia and Ukraine.
As of 10:15 a.m. local time on the 25th, the Dow Jones Industrial Average was up 115.29 points, or 0.25%, at 46,563.56 on the New York Stock Exchange. The S&P 500 Index fell 14.33 points, or 0.21%, to 6,690.79, while the Nasdaq Composite dropped 150.59 points, or 0.66%, to 22,721.41.
Technology stocks broadly weakened after Nvidia Corp., which recently surpassed a $5 trillion market capitalization for the first time, saw its shares decline.
Nvidia shares were down more than 6% after reports that Meta Platforms Inc. (parent company of Facebook) is considering adopting artificial intelligence (AI) chips developed by Google. In contrast, Alphabet Inc. shares rose more than 2%.
Expectations for a potential peace agreement between Russia and Ukraine helped limit the downside in equities. U.S. broadcaster ABC reported that "the Ukrainian delegation has reached an agreement with the United States on the terms of a potential peace deal." A U.S. official told ABC, "Ukraine has agreed to the peace agreement," adding, "There are some details to be finalized, but they have agreed to the peace deal."
Several key economic indicators were released, including ADP weekly private employment, September retail sales, the Producer Price Index (PPI), and the November Consumer Confidence Index.
According to private employment data provider ADP, for the four weeks ending on the 8th of this month, preliminary U.S. private employment fell by an average of 13,500 per week.
The September PPI rose 0.3% month-on-month, in line with market expectations. However, September retail sales increased by just 0.2% from the previous month, missing both the market consensus of a 0.4% rise and the previous month's 0.6% gain.
The U.S. Consumer Confidence Index for November came in at 88.7, below the forecast of 93.5 and marking the lowest level since April.
Phares Handy, global fund manager at Prevoir Asset Management, commented, "Nvidia is the largest position in my portfolio, but I am not at all concerned about a 3% decline," adding, "It is healthy for Google to enter this market in a functioning market economy, and this only demonstrates the tremendous potential."
By sector, healthcare, communications, and consumer goods outperformed, while technology and energy lagged.
U.S. retailer Kohl's Corp. surged more than 30% after posting third-quarter results that far exceeded market expectations.
Applied Materials Inc. gained over 1% after UBS upgraded its investment rating from neutral to buy.
Dick's Sporting Goods Inc. fell nearly 4% after announcing plans to close some Foot Locker stores as part of a restructuring effort.
European stocks traded higher. The Euro Stoxx 50 Index was up 0.55% at 5,558.87. The UK's FTSE 100 Index rose 0.54%, while France's CAC 40 and Germany's DAX gained 0.83% and 0.72%, respectively.
International oil prices declined on hopes for a Russia-Ukraine peace agreement. At the same time, front-month West Texas Intermediate (WTI) crude for January 2026 delivery fell 2.77% to $57.21 per barrel.
jwyoon2@yna.co.kr
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