2024-04-20 21:46:32
Chérif Adel (Washington)
With geopolitical concerns escalating in the Middle East, the Nasdaq and S&P 500 indexes fell on Friday for the sixth consecutive day, together recording the longest streak of declines since October 2022, pressured by shares of technology companies, Nvidia in head. , the favorite company of investors and global leader of the artificial intelligence boom.
At the end of trading on the last day of the week, the S&P 500 index was down 0.88%, while losses in the Nasdaq index, which is full of big tech companies, reached more than 2%. Friday’s tensions end the day alone in the green region, with an increase of more than half a percentage point.
The rise in the Dow Jones index was contributed by a strong marathon of US banking stocks, led by shares of American Express Bank, which rose more than 6%, following the announcement of its trading results during of the first quarter of the year.
The “Nvidia” stock recorded, during Friday trading, the second largest daily loss in the history of American stocks, following a drop of 10%, and the loss amounted to 212 billion dollars, exceeded only by the loss of the Meta “Facebook” action. on February 3, 2022, which… It was $232 billion.
Super Micro Computer Company’s stock lost nearly a quarter of its value during Friday’s trading. However, the stock is still up more than 150% from its price at the start of the year.
Worst weekly performance
The S&P index recorded its worst weekly performance since March 2023, amid growing concerns regarding the evolution of inflation and monetary policy, with a loss of more than 3%. This is also the third consecutive negative week for the large-cap index. and much of the downward pressure came from technology stocks. The sector was the worst performer in the index during the day and week.
With this week’s declines, the S&P is now more than 5% below its 52-week high, part of a market decline largely driven by lower expectations for lower interest rates for this year.
Cross feeds
“There are a number of headwinds that the market is digesting, and inflation has been a little more stubborn than markets expected, or even what the Fed expected,” Bill said. Northey, chief investment officer at US Bank Wealth Management.
The Nasdaq index fell 5.5% this week, posting its fourth consecutive week of losses, part of the longest streak of weekly losses since January 2022. The week marked the Nasdaq’s worst weekly performance since November 2022.
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