June 23, 2024

Valley Post

Read Latest News on Sports, Business, Entertainment, Blogs and Opinions from leading columnists.

A sell-off in technology sent the Nasdaq down 5.5% over the week

A sell-off in technology sent the Nasdaq down 5.5% over the week

The Dow Jones average saved a signal in Friday's session, while other major indexes closed in the red as the Nasdaq posted a sixth day of losses as heavy losses in technology stocks weighed on reports that Israel launched its first response against Iran in response to the last Tehran attack. The weekend and fears of escalating tensions in the Middle East.

Industrialist on the board Dao The index increased 0.56% to 37,986.40 points, which is the largest Standard & Poor's 500 It recorded losses of 0.88% at 4967.23 units, while technically likely Nasdaq It closed at -2.05% and 15,282.01 points.

in Weekly basis The S&P fell 3.1%, the Nasdaq fell 5.5%, and the Dow Jones closed almost unchanged, according to preliminary data. The Nasdaq index recorded losses for the fourth consecutive week, its longest losing streak since December 2022, with continuing concerns about the path of inflation and investors searching for indicators of the Federal Reserve’s monetary policy, especially interest rate cuts.

The Dow's rise was fueled by its headline American Express Which added more than 5%. On the contrary, Netflix It fell more than 9% even as the content streaming company beat Wall Street expectations for the second straight quarter on Thursday as its ad-supported subscriptions helped attract 9.3 million new customers, nearly double analysts' average forecast.

They were under a lot of pressure Nvidia And Super micro computerDown 10% and 20% respectively, with Nvidia posting its worst daily performance since March 2020.

the The first reading of the Israeli response to Iran It shows a disciplined response that so far does not seem to lead to an escalation of the Middle East crisis.

This morning, international media reported about explosions near the Iranian city of Isfahan. Shortly thereafter, Tehran spoke of drones being shot down from within, stressing that there had been no air attack from outside.

In another indication of efforts to calm the crisis, Reuters quoted an Iranian official as saying that Tehran had no plans for immediate retaliation against Israel. At the same time, Iranian President Ebrahim Raishi, in a speech he delivered today, did not say a single word about the explosions, and contented himself with a general reference to the tense international situation in the Middle East.

Economists and analysts estimate that Nourish it They will wait until at least September to cut interest rates while not ruling out the possibility of no cuts at all this year.

“The biggest concern for the stock market right now is inflation, which is accelerating again and putting the idea of ​​lower interest rates on hold until 2024,” said Michael Landsberg, chief investment officer at Landsberg Bennett Private Wealth Management.

the 10-year government bonds The US interest rate was almost unchanged at 4.626%, while two-year bonds, although down 5 basis points today, have strengthened in the past four weeks by 37.1 basis points in the largest increase for the corresponding period ending June 30, 2023.