S&P, Nasdaq in Third Weekly Loss as Tech Bulls Bail By Investing.com

Dow Trips on Tech Wreck as Volatility Strike Backs By


© Reuters.

By Yasin Ebrahim

Investing.com – The S&P 500 and Nasdaq fell for the third-straight week Friday, as big tech was shunned and a bright start for financials proved short-lived. 

The fell 0.88%, or 244 points. The slipped 1.18%, while the fell 1.07%.

Big tech, which has led much of rebound from March, appears to be running out of steam as strong start to the week faded even as the Federal Reserve largely stuck to script and signaled near-zero rates to continue until at least 2023.

Microsoft (NASDAQ:),  Amazon.com (NASDAQ:), Facebook (NASDAQ:), Alphabet (NASDAQ:), and Apple (NASDAQ:) ended below the flatline. The fall in Apple this week has seen the tech giant’s valuation fall below $2 trillion.

Elsewhere in tech, Oracle Corporation (NYSE:) continued to await an update from the Trump administration on whether it will approve its proposal to take a monitory stake in TikTok.

The weakness in growth pushed investors in other concerns of the markets like financials that had been in the shadow of the relentless rally in tech.   

Financials outperformed the broader market, falling just 0.24%, as downside was limited by MetLife (NYSE:) and BlackRock Inc (NYSE:).

In other news, Tesla (NASDAQ:) was up 4% after cutting gains despite Piper Sandler (NYSE:) lifting its price target on the stock to $515 per share from $480 per share, citing expectations for sharply higher demand for the electric automaker’s energy products.

Beyond Meat Inc (NASDAQ:) meanwhile, appears to be losing some of its luster on Wall Street after JPMorgan (NYSE:) downgraded the stock, citing a toppy valuation, sending its shares 5% lower. The bank said it believes “the stock is ahead of itself” in the wake of rising competition from the likes of Impossible Foods.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



Source link

Investing.com


Leave a Reply

Your email address will not be published. Required fields are marked *


About us

InvestLab is a financial services technology company focused on the global trading market. Founded in 2010 in Hong Kong, the company develops trading, market data, and social research products that enable individual investors and small to mid-size brokers to access global markets. We provide brokers and financial institutions cross border capabilities for retail investors into 43 markets globally.


CONTACT US

CALL US ANYTIME