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U.S. stocks were mostly lower on Friday, with the S&P 500 falling for the sixth day in a row.
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Large-cap tech stocks led the decline, with Nvidia dropping as much as 10%.
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A 23% plunge in super microcomputers accelerated the decline in tech stocks.
U.S. stocks were mostly lower on Friday, with the S&P 500 falling for the sixth day in a row, its worst weekly performance since the start of 2024.
Stocks were spooked early Friday as investors assessed Israel’s missile attack on Iran, seen as largely symbolic and a potential step away from further conflict.
However, as some on Wall Street expected, stock market losses accelerated after the super microcomputer announced its earnings without pre-announcement of the results.
The supermicrocomputer’s stock price plunged 23%, and the stock price of AI darling Nvidia fell by 10%. Nvidia’s decline wiped out $183 billion in market valuation. Nvidia supplies its AI chips to his Super Micro Computer and counts the company as one of his large customers.
Other tech stocks falling were Meta Platforms, Amazon and Netflix, which were down 9% in Friday trading. The company announced that it will stop reporting net subscriber growth starting in 2025, although the company significantly missed profit expectations.
Of the 13% of S&P 500 companies that have reported results so far, 77% have beat earnings estimates by a median of 7% and 55% have beat revenue estimates by a median of 3%, according to Fundstrat data. .
Here are the U.S. indices as of Friday’s close at 4 p.m.
Here’s what else is happening today:
In Commodities, Fixed Income and Cryptocurrencies:
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West Texas Intermediate crude oil rose 0.09% to $82.17 a barrel. Brent crude oil, the international benchmark, rose 0.16% to $87.25 per barrel.
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Gold rose 0.21% to $2,403.00 per ounce.
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The 10-year US Treasury yield was unchanged at 4.62%.
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Bitcoin rose 1.21% to $64,280.
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