US indices dip from record levels, Dow Jones loses 300 Points

US stock indices declined at the close of trading on Tuesday, following a record-high surge the previous day, pressured by a downturn in the semiconductor sector as investors assessed corporate earnings results.

By the end of trading, the Dow Jones Industrial Average fell 0.75%, or 325 points, to 42,740, after surpassing 43,000 for the first time ever at Monday’s close.

The S&P 500 also dropped 0.75%, or 44 points, to 5,815, following its record high yesterday, while the Nasdaq Composite slid 1%, or 187 points, to 18,315.

Dutch company ASML, traded on the US markets, saw its stock plummet 16.25% amid a sharp decline in orders. Meanwhile, shares of Nvidia and AMD fell 4.50% and 5.20%, respectively, following reports that Washington plans to impose export restrictions on chips.

In Europe, the Stoxx Europe 600 index declined 0.80% to 520.57 points, as the oil and gas sector dropped more than 3% following a significant decline in oil prices.

The UK's FTSE 100 fell 0.50% to 8,249 points, while Germany's DAX decreased by 0.10% to 19,486 points. France's CAC 40 also dropped 1.05% to 7,522 points.

In Japan, the Nikkei 225 rose 0.75% to 39,910 points, and the broader Topix index increased 0.65% to 2,723 points.

In the oil market, Brent crude futures for December delivery fell 4.15%, or $3.21, to $74.25 a barrel, marking the lowest close since Oct. 2.

Also, the New York Mercantile Exchange (NYMEX) Crude Nov 2024 futures sank 4.4%, or $3.25, to $70.58 a barrel, the lowest level since Oct. 2.

Gold futures expanded 0.5%, or $13.3, to $2,678.9 per ounce.