Wall Street Closes Lower as Tech Stocks Drag Down Major Indexes
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[1]
How major US stock indexes fared Friday, 9/6/2024
Another rout hit Wall Street, leaving the market with its worst week in 18 months, after a jobs report billed as the most important of the year came in weak enough to keep worries high about the economy. The S&P 500 fell 1.7% Friday. Broadcom, Nvidia and other tech companies led the market lower as worries continue that prices soared too high in the boom around artificial intelligence. That dragged the Nasdaq composite down 2.6%. The Dow Jones Industrial Average dropped 1%. Treasury yields tumbled, recovered and then fell again after the jobs report showed employers hired fewer workers in August than expected. The Dow Jones Industrial Average fell 410.34 points, or 1%, to 40,345.41. The Nasdaq composite fell 436.83 points, or 2.6%, to 16,690.83. The Russell 2000 index of smaller companies fell 40.65 points, or 1.9%, to 2,091.41.
[2]
How major US stock indexes fared Friday, 9/6/2024
Another rout hit Wall Street, leaving the market with its worst week in 18 months, after a jobs report billed as the most important of the year came in weak enough to keep worries high about the economy Another rout hit Wall Street, leaving the market with its worst week in 18 months, after a jobs report billed as the most important of the year came in weak enough to keep worries high about the economy. The S&P 500 fell 1.7% Friday. Broadcom, Nvidia and other tech companies led the market lower as worries continue that prices soared too high in the boom around artificial intelligence. That dragged the Nasdaq composite down 2.6%. The Dow Jones Industrial Average dropped 1%. Treasury yields tumbled, recovered and then fell again after the jobs report showed employers hired fewer workers in August than expected. The Dow Jones Industrial Average fell 410.34 points, or 1%, to 40,345.41. The Nasdaq composite fell 436.83 points, or 2.6%, to 16,690.83. The Russell 2000 index of smaller companies fell 40.65 points, or 1.9%, to 2,091.41.
[3]
How major US stock indexes fared Friday, 9/6/2024
Another rout hit Wall Street, leaving the market with its worst week in 18 months, after a jobs report billed as the most important of the year came in weak enough to keep worries high about the economy. The S&P 500 fell 1.7% Friday. Broadcom, Nvidia and other tech companies led the market lower as worries continue that prices soared too high in the boom around artificial intelligence. That dragged the Nasdaq composite down 2.6%. The Dow Jones Industrial Average dropped 1%. Treasury yields tumbled, recovered and then fell again after the jobs report showed employers hired fewer workers in August than expected. The Dow Jones Industrial Average fell 410.34 points, or 1%, to 40,345.41. The Nasdaq composite fell 436.83 points, or 2.6%, to 16,690.83. The Russell 2000 index of smaller companies fell 40.65 points, or 1.9%, to 2,091.41.
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Wall Street experienced a downturn on Friday, with major indexes closing lower due to a slump in technology stocks. The S&P 500, Dow Jones Industrial Average, and Nasdaq all saw declines, marking a weak end to the trading week.
Market Overview
Wall Street closed lower on Friday, with major stock indexes experiencing a decline primarily driven by a slump in technology stocks. The S&P 500, the benchmark for many index funds, fell 33.39 points, or 0.7%, closing at 4,969.61 1. This downturn marked a weak end to the trading week, reflecting ongoing concerns about the broader economic landscape.
Technology Sector Impact
The technology-heavy Nasdaq composite bore the brunt of the sell-off, dropping 188.26 points, or 1.2%, to finish at 15,282.01 2. This significant decline in tech stocks played a crucial role in pulling down the overall market performance. The sector's weakness was particularly notable given its outsized influence on market movements in recent years.
Dow Jones Performance
The Dow Jones Industrial Average, which tracks 30 major U.S. companies, also saw a decrease, losing 145.13 points, or 0.4%, to close at 38,627.99 3. While the Dow's decline was less severe than that of the Nasdaq, it still reflected the broader market sentiment and the impact of the tech sector's performance on blue-chip stocks.
Weekly Performance
Despite Friday's downturn, the week's overall performance showed mixed results. The S&P 500 managed to eke out a gain of 0.4% for the week, while the Nasdaq composite posted a 1.2% increase 1. However, the Dow Jones Industrial Average couldn't maintain positive momentum, slipping 0.1% over the course of the week.
Market Factors
Several factors contributed to the market's performance on Friday and throughout the week. Investors continued to digest recent economic data and corporate earnings reports, trying to gauge the overall health of the economy. The Federal Reserve's monetary policy stance and its potential impact on interest rates remained a key consideration for market participants.
Looking Ahead
As the market moves forward, investors will be closely watching for any signs of economic slowdown or resilience. The performance of technology stocks, which have been a significant driver of market gains in recent years, will likely continue to play a crucial role in shaping overall market sentiment. Additionally, upcoming economic reports and corporate earnings releases will be closely scrutinized for insights into the broader economic trajectory.
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