The Nasdaq news update
The Nasdaq Composite extended its decline for a sixth consecutive session on Friday, marking its longest losing streak in over a year. This downturn coincided with Nvidia’s sharp decline, contributing to the ongoing market concerns related to geopolitical tensions and persistent inflationary pressures.
The technology-heavy Nasdaq retreated by 2.05% to reach 15,282.01, while the broader S&P 500 fell by 0.88% to 4,967.23, slipping below the 5,000 mark. Both indices recorded their sixth consecutive days of negative performance, a streak not witnessed since October 2022.
In contrast, the Dow Jones Industrial Average advanced by 211.02 points, or 0.56%, closing at 37,986.40. This 30-stock index was boosted by a more than 6% surge in American Express shares following the company’s earnings announcement.
Meanwhile, Netflix saw a decline of over 9% despite surpassing quarterly earnings expectations on both revenue and profit fronts. Although the streaming giant reported a 16% increase in subscribers compared to the previous year, it announced its decision to discontinue reporting paid memberships starting in 2025.
Amid mounting concerns regarding inflation trajectory and monetary policy, the S&P 500 recorded its most dismal weekly performance since March 2023.
With a decline exceeding 3%, it marked the third consecutive negative week for the prominent large-cap benchmark. The tech sector bore a significant brunt of this downward pressure, emerging as the poorest performer within the S&P 500 for both the day and the entire week.
Currently, the S&P 500 stands more than 5% below its 52-week high, reflecting a broader market retreat primarily influenced by subdued expectations for interest rate adjustments amidst persistent price pressures. Economists and analysts now anticipate the Federal Reserve delaying any potential rate cuts until at least September.
