In the latest trading session, US equity indexes experienced declines, primarily driven by the energy and technology sectors. The Nasdaq Composite fell by 0.8%, settling at 18,348.1 points. The S&P 500 also faced a downturn, decreasing by 0.4% to reach 5,837.9. Additionally, the Dow Jones Industrial Average saw a reduction of 0.2%, closing at 42,963.6.
Energy and technology led the decliners during intraday trading, whereas real estate, financials, and utilities emerged as the top-performing sectors. Notably, West Texas Intermediate crude oil prices plummeted by 5%, plunging to $70.01 per barrel, marking the lowest price this month. This drop in oil prices raises some concerns about the market's response, especially in light of geopolitical tensions. According to reports, Israeli Prime Minister Benjamin Netanyahu informed the Biden Administration that Israel plans to focus its military actions on Iranian military facilities in response to recent attacks by Iran.
This news lessens concerns about the potential impact on Iran's significant oil exports, which amount to 1.7 million barrels per day, and diminishes fears of a broader conflict in the Middle East. The International Energy Agency (IEA) has revised its forecast for 2024 demand growth in its October Oil Market Report, now anticipating that demand will reach 862,000 barrels per day above 2023 levels—an adjustment from its previous estimate of 903,000 bpd in September.
However, it also slightly upgraded its forecast for 2025, projecting a demand growth of one million bpd, while highlighting the challenges posed by rising non-OPEC supply and weaker demand from China, which could lead to increased inventories next year. In corporate news, ASML Holding ($ASML) announced its fiscal Q3 results, projecting net sales for 2025 to be between 30 billion euros ($32.75 billion) and 35 billion euros.
Analysts from Capital IQ had anticipated a forecast of 35.77 billion euros. Consequently, shares of the technology giant plummeted by 16.5%, marking it as the poorest performer on the Nasdaq. Similarly, UnitedHealth Group ($UNH) narrowed its full-year earnings outlook due to unforeseen business disruptions linked to a cybersecurity incident earlier this year.
This resulted in a 7.1% slump in its shares intraday, making it the most significant decliner on the Dow. On a brighter note, Walgreens Boots Alliance ($WBA) saw its shares surge nearly 15% intraday, leading the S&P 500 after the company posted fiscal Q4 adjusted net earnings per share and sales that surpassed analyst estimates.
The pharmaceutical leader indicated plans to close approximately 1,200 stores over the next three years, including around 500 closures planned for fiscal 2025. In the bond market, US Treasury yields displayed mixed movements, with the 10-year yield decreasing by three basis points to 4.04%, while the two-year rate rose by 1.5 basis points to 3.95%. In economic updates, Redbook US reported that same-store sales increased by 5.6% year-over-year in the week ending October 12, surpassing the previous week's increase of 5.4%..