The New York stock market opened sharply lower due to a decline in investment sentiment towards artificial intelligence (AI). The large technology stock group 'Magnificent 7,' which had dominated the market since 2023, is also weak. In particular, Tesla's stock price dropped more than 7%, falling below a market capitalization of $1 trillion.
As of 10:30 a.m. (Eastern Standard Time) on the 25th, the Dow Jones Industrial Average listed on the New York Stock Exchange (NYSE) recorded a decrease of 128.91 points (0.3%), closing at 43,332.3. The Standard and Poor's (S&P) 500 index also declined by 58.53 points (0.98%) to trade at 5,924.72. In particular, the technology-focused Nasdaq Composite Index recorded a drop of 353.43 points (1.83%), closing at 18,933.5.
During the previous three trading days, a sell-off centered on technology stocks has prevented the Nasdaq Index and the S&P 500 Index from escaping their downward trend. U.S. President Donald Trump noted that he would resume the 25% tariff on Canada and Mexico after the grace period ended, which further increased the declines.
In particular, Palantir, a big data analytics corporation that achieved the highest revenue among the S&P 500 last year, saw its stock price drop by more than 3%, with a five-day revenue loss exceeding -29%. Compared to its all-time high of $125.41 on the 19th, it is at a level 40% lower.
In contrast, European stocks are showing an upward trend. The pan-European index STOXX 600 rose by 0.22%, the German DAX index increased by 0.05%, and the British FTSE index gained 0.18%.
International oil prices are in a downward trend. The price of West Texas Intermediate (WTI) crude for April delivery dropped 2.25% from the previous session to $69.11 per barrel, while the April Brent crude price also fell 2.17% to $73.14 per barrel.