Wall Street declines despite strong earnings as technology stocks weigh down markets
U.S. stock indices experienced a slight decline despite strong corporate earnings results, with the S&P 500 falling by 0.51% and the Nasdaq by 1.47%. The semiconductor sector was negatively affected after TSMC raised its capital expenditure forecast to between $60 billion and $64 billion, despite reporting quarterly results that surpassed expectations. Major technology stocks such as Alphabet, Meta, and Amazon also declined, even though second-quarter results showed that more than 87% of companies beat forecasts. On the economic front, the resilience of American consumers continued, with unemployment benefit claims dropping to 208,000 and retail sales matching expectations, reflecting the strength of the U.S. economy despite ongoing challenges.
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