Ahead of the Easter holiday, the U.S. stock market started lower on the last trading day of the week on the 17th (local time).
According to the U.S. economic media CNBC, on this day, the Dow Jones Industrial Average on the New York Stock Exchange (NYSE) recorded a decline of 644.21 points (1.62%) from the previous day, standing at 39,025.18. The Standard & Poor's (S&P) 500 index showed a decrease of 4.09 points (0.08%), reaching 5,271.61. The Nasdaq Composite Index fell by 78.34 points (0.48%), at 16,228.82.
The sharp drop in UnitedHealth's stock price, which fell by 20%, had a significant impact. UnitedHealth's first-quarter revenue was reported at $109.6 billion, an increase of $9.8 billion compared to the same period last year, but it fell short of market expectations ($111.6 billion). UnitedHealth also downgraded its annual performance outlook.
NVIDIA's stock price saw a decline of 4% shortly after the market opened. CNBC reported that this was due to concerns about U.S. export control measures.
Earlier, the U.S. Department of Commerce included NVIDIA's H20 chip among the export restrictions to China for national security reasons. With this measure, NVIDIA stated that it expects a loss of $5.5 billion (approximately 7.86 trillion won) in the first quarter of the fiscal year (February to April). This led to a decline of about 7% in NVIDIA's stock price on the 16th.
CNBC analyzed that the remarks of Jerome Powell, Chair of the Federal Reserve (Fed), also influenced investor sentiment. Powell noted in a speech at the Chicago Economic Club that President Donald Trump’s tariff policy involves 'much higher levels of tariff increases than anticipated,' adding that 'the impact on the economy is likely to be the same, which will include a rise in inflation and a slowdown in growth.'
He also suggested that 'we need to wait for clearer results before considering adjustments to policy direction (such as lowering interest rates).' This is interpreted as an intention to delay the decision to lower interest rates. The Fed has not reduced rates once this year. Bloomberg reported that 'Chair Powell maintained a wait-and-see mode.'
Meanwhile, due to the market closure on Good Friday (the Friday before Easter) on the 18th, the New York stock market has only four transaction days this week.
European stock markets are also on a downward trend. The pan-European index STOXX 600 fell by 0.23%, the German DAX index declined by 0.67%, and the British FTSE index decreased by 0.10%.
International oil prices are rising. The price of West Texas Intermediate (WTI) for May delivery, the nearest month, is recorded at $63.50 per BARREL, an increase of 1.65% compared to the previous session. The price for Brent crude for June delivery, a global benchmark, is at $66.80 per BARREL, up by 1.43% from the last session.