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U.S. stock ended mostly lower on Friday, with the Nasdaq closing in the red for the sixth straight session and the S&P 500 recording its third straight week of losses as tech stocks took a beating. However, the Dow ended in positive territory.
How Did The Benchmarks Perform?
The Dow Jones Industrial Average (DJI) rose 0.6% or 211.02 points to finish at 37,986.40 points.
The S&P 500 slid 0.9% or 43.89 points, to end at 4,967.23 points, recording its sixth straight session of declines. Tech and communication services stocks were the worst performers.
The Technology Select Sector SPDR (XLK) declined 2.1%, while the Communication Services Select Sector SPDR (XLC) slipped 1.1%. Six of the 11 sectors of the benchmark index ended in negative territory.
The tech-heavy Nasdaq tumbled 2% or 319.49 points to close at 15,282.01 points, its sixth consecutive session of declines.
The fear-gauge CBOE Volatility Index (VIX) was up 3.94% to 18.71.
Wall Street continued to suffer on Friday as sticky inflation and the recent tensions in the Middle East made investors jittery.
Inflation, after declining sharply last year, has resumed its climb in 2024. The consumer price index (CPI) rose for the third straight month in March. Although the Federal Reserve has hinted at three rate cuts by the end of this year, the recent rise in inflation has raised uncertainty over the timing of the rate cuts.
This saw Treasury yields climbing for the third straight week. The 2-year Treasury yield has jumped 37.1 basis points over the past four weeks, the largest four-week advance since the week ended Jun 30, 2023.
Also, geopolitical tensions in the Middle East have been escalating over the past week after Iran attacked Israel followed by a retaliatory attack from Israel. Oil prices briefly rose more than 3% but investors soon realized that Israel’s response was “muted.”
The mounting concerns took a toll on the broader market, with stocks taking a hit.
No major economic data was released on Friday.
Weekly Roundup
For the week, the Dow gained less than 0.1%. However, the S&P 500 ended 3% lower for the week. The Nasdaq finished the week 5.5% down to record its fourth straight week of losses and the longest losing streak since December 2022.
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Stock Market News for Apr 22, 2024
U.S. stock ended mostly lower on Friday, with the Nasdaq closing in the red for the sixth straight session and the S&P 500 recording its third straight week of losses as tech stocks took a beating. However, the Dow ended in positive territory.
How Did The Benchmarks Perform?
The Dow Jones Industrial Average (DJI) rose 0.6% or 211.02 points to finish at 37,986.40 points.
The S&P 500 slid 0.9% or 43.89 points, to end at 4,967.23 points, recording its sixth straight session of declines. Tech and communication services stocks were the worst performers.
The Technology Select Sector SPDR (XLK) declined 2.1%, while the Communication Services Select Sector SPDR (XLC) slipped 1.1%. Six of the 11 sectors of the benchmark index ended in negative territory.
The tech-heavy Nasdaq tumbled 2% or 319.49 points to close at 15,282.01 points, its sixth consecutive session of declines.
The fear-gauge CBOE Volatility Index (VIX) was up 3.94% to 18.71.
Rising Inflation, Geopolitical Tensions Raise Concerns
Wall Street continued to suffer on Friday as sticky inflation and the recent tensions in the Middle East made investors jittery.
Inflation, after declining sharply last year, has resumed its climb in 2024. The consumer price index (CPI) rose for the third straight month in March. Although the Federal Reserve has hinted at three rate cuts by the end of this year, the recent rise in inflation has raised uncertainty over the timing of the rate cuts.
This saw Treasury yields climbing for the third straight week. The 2-year Treasury yield has jumped 37.1 basis points over the past four weeks, the largest four-week advance since the week ended Jun 30, 2023.
Growth stocks particularly have been taking a hit. Shares of NVIDIA Corporation ((NVDA - Free Report) ) tumbled 10% on Friday. Shares of Apple Inc. ((AAPL - Free Report) ) and Meta Platforms, Inc. ((META - Free Report) ) declined 1.2% and 4.1%, respectively. NVIDIA has a Zacks Rank #1 (Strong Buy). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
Also, geopolitical tensions in the Middle East have been escalating over the past week after Iran attacked Israel followed by a retaliatory attack from Israel. Oil prices briefly rose more than 3% but investors soon realized that Israel’s response was “muted.”
The mounting concerns took a toll on the broader market, with stocks taking a hit.
No major economic data was released on Friday.
Weekly Roundup
For the week, the Dow gained less than 0.1%. However, the S&P 500 ended 3% lower for the week. The Nasdaq finished the week 5.5% down to record its fourth straight week of losses and the longest losing streak since December 2022.