Azzad MarketWeek
Markets were mixed last week, though persistent pressure on technology stocks made the week feel more challenging for some investors.
The Standard & Poor’s 500 Index lost 0.47 percent, while the Nasdaq Composite Index declined 0.71 percent. The Dow Jones Industrial Average gained 0.41 percent.
Tech Leads Both Ways
The week began with an AI-led rebound as investors looked ahead to a heavy slate of corporate earnings reports. On Tuesday, investors cheered the first wave of corporate results and falling oil prices, which helped boost investor sentiment.
Tech swung back into favor midweek as investors applauded reports that two of the largest megacap tech firms formed a committee to evaluate a potential merger, lifting all three averages. The Nasdaq gained more than 1 percent, while the S&P posted its third straight winning close.
Boomerang Effect
But the boomerang started to come back on Thursday as AI debt worries returned while oil prices rose again amid fresh geopolitical concerns. The Nasdaq slid more than 2½ percent over the session, while the S&P fell more than 1 percent, posting their steepest daily declines since June and July, respectively. The week wrapped up with technology stocks again in the spotlight due to persistent AI-related worries. The Dow closed Friday down more than 1 percent, while the S&P 500 and Nasdaq were under pressure into the close.
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