Azzad MarketWeek
Stocks ended last week lower as disappointing Q3 corporate reports led to a tech-led selloff that deepened on Friday.
The Standard & Poor’s 500 Index slipped 0.57 percent, while the Nasdaq Composite Index declined 2.00 percent. The Dow Jones Industrial Average fell 0.85 percent.
Early Enthusiasm
The AI trade got a fresh boost to kick off the week as one of the largest AI platforms filed for an initial public offering. Investors also appeared upbeat about one of the biggest weeks for Q3 corporate earnings results.
Monday’s momentum extended into Tuesday’s session, while falling oil prices over both days added to investor enthusiasm.
Then midweek, the Fed held rates steady as expected, which was met with mixed trading. But all three averages closed modestly higher on Wednesday. Over the first three days of the week, the Nasdaq rose more than 2 percent and the S&P 500 added more than 1½ percent.
Thursday’s session opened on a down note following mixed Q3 corporate results from two of the largest tech giants. Despite a stronger-than-expected gross domestic product (GDP) report and the fact that seven out of the 11 S&P 500 sectors advanced, stocks remained under pressure throughout the day. Then Friday, the tech-led selloff deepened as traders appeared to favor more defensive sectors as the month closed out. The Nasdaq declined nearly 3 percent over the session.
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