Summary
- In New York trading, weakness in technology stocks and semiconductor shares pushed the Nasdaq and S&P 500 lower.
- Seagate, Micron and SanDisk tumbled 5%% to 7%%, while the Philadelphia Semiconductor Index fell 2.5%%.
- Concern that the Iran war could drag on lifted international oil prices for a third straight session, with Brent and WTI posting their highest settlements in recent months.
Forecast Trend Report by Period
U.S. stocks ended mixed on May 18.
At the New York Stock Exchange, the Dow Jones Industrial Average rose 159.95 points, or 0.32%, to 49,686.12. The S&P 500 fell 5.45 points, or 0.07%, to 7,403.05, while the Nasdaq Composite lost 134.41 points, or 0.51%, to 26,090.73.
Technology and semiconductor shares weighed on the broader market. Seagate and Micron fell about 7% and 6%, respectively, while SanDisk dropped 5.3%.
The S&P 500's technology sector declined about 1%, and the Philadelphia Semiconductor Index fell 2.5%.
Profit-taking after a recent rally added to selling pressure ahead of Nvidia's earnings report on May 20. Trump's visit to China also raised questions about Taiwan's defense, fueling supply-chain concerns and prompting further profit-taking in chip stocks.
Messages surrounding the Iran war remained mixed, leaving markets caught between disappointment and optimism. Media reports said the U.S. sees Iran's latest proposal as offering only formal progress from earlier talks and as insufficient to reach a deal.
Stocks trimmed some losses in afternoon trading after President Donald Trump said he would delay military action against Iran.
Trump wrote on Truth Social that he had instructed the military not to carry out the attack on Iran planned for May 19.
He added that he had also ordered the military to be ready to launch an immediate, full-scale attack on Iran if an acceptable agreement is not reached.
International oil prices extended gains on concern that the war could drag on. July Brent crude settled up 2.60% at $112.10 a barrel, while U.S. West Texas Intermediate futures rose 3.07% to $108.66 a barrel. It was the third straight session of gains, with Brent and WTI posting their highest settlements since May 4 and April 7, respectively.
U.S. Treasury yields jumped intraday before turning little changed. The 10-year Treasury yield climbed as high as 4.659% in overnight over-the-counter trading, the highest since February 2025. It later gave up those gains in the regular session as selling emerged near the highs, ending roughly flat at around 4.591%.
The dollar weakened as Treasury yields eased. Reuters reported that the dollar index, which tracks the greenback against major currencies, fell 0.33% to 99.03.
Jeongsam Ko, Hankyung.com reporter jsk@hankyung.com
Korea Economic Daily
hankyung@bloomingbit.ioThe Korea Economic Daily Global is a digital media where latest news on Korean companies, industries, and financial markets.
