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.
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