Stocks moved mostly lower Friday afternoon as Big Tech stocks continued a sell-off that sent the S&P 500 back under the 5,000 mark. The S&P 500 fell about 0.3%, while the tech-heavy Nasdaq Composite slid 1.2%. The Dow Jones Industrial Average rose about 0.8%. The persistent uncertainty about Federal Reserve interest rate cuts, disappointing earnings, and rising geopolitical tensions all contributed to the downward pressure on Wall Street.
One of the key factors affecting the market was the recent disappointing earnings from Netflix and other tech giants, leading to concerns about the overall market performance and the ability of companies to meet high investor expectations. Shares of Netflix plummeted 8% after a revenue forecast miss, setting a negative tone for tech stocks across the board. This drop in Big Tech stocks like Nvidia, Amazon, and Apple further exacerbated the overall downtrend in the market.
Despite a brief sell-off following geopolitical tensions and concerns about Federal Reserve interest rate cuts, the market began to stabilize with mixed results from companies like Procter & Gamble and American Express. The fluctuating market conditions underscore the ongoing challenges facing investors and the need for caution as they navigate through uncertain economic and geopolitical landscapes. Ultimately, the market continues to face volatility and uncertainty as investors grapple with a variety of external factors influencing stock performance.
