The Nasdaq Composite experienced its longest losing streak in over a year, falling for a sixth straight session amidst market woes related to geopolitical conflicts and inflation. The index dropped 2.05% to 15,282.01, while the S&P 500 slipped 0.88% to 4,967.23, falling below the key 5,000 level. However, the Dow Jones Industrial Average managed to rise 211.02 points, boosted by a rally in American Express.
Tech stocks, especially chip stocks, faced significant pressure with Nvidia tumbling 10% and Super Micro Computer plunging over 23%. Investor concerns over the conflict in the Middle East escalated after Israel’s strike on Iran, causing oil prices to briefly spike on fears of a broader war before eventually fluctuating between modest gains and losses.
The S&P 500 recorded its worst weekly performance since March 2023 due to mounting inflation fears and uncertainties regarding monetary policy. Tech stocks led the market pullback, with the S&P 500 now more than 5% off its 52-week high. The Nasdaq Composite suffered a 5.5% decline for the week, marking its worst performance since November 2022. In contrast, the Dow managed to eke out a slight gain for the week.
Overall, the market was heavily influenced by geopolitical tensions, inflation concerns, and mixed economic data, resulting in a volatile week for investors. Despite the challenges, the market continues to navigate through the uncertainties, with some sectors like American Express providing much-needed support amidst the chaos.
