S&P 500 Nears 6-Day Slide, Nasdaq 100 Faces Worst Week Since Late 2022: What's Driving Markets Friday?

Zinger Key Points
  • Israel conducted limited retaliation against Iran without significant damage. Gold prices hit $2,400 per ounce.
  • Paramount Global surges 13% on potential joint bid; Netflix falls 9% after announcing end of quarterly disclosures on subscriber growth.

U.S. stocks are experiencing declines this Friday, on track of ending another week of negative performance.

The Nasdaq 100 has dropped over 5% this week, potentially marking its most significant decline since late October 2022, while the S&P 500 faces its sixth consecutive day of losses, the longest such streak since September 2022, with concerns over interest rates, corporate earnings, and geopolitical tensions weighing on investor sentiment.

Industry-wise, semiconductor stocks, tracked by the VanEck Semiconductor ETF SMH are down 2.7%, eyeing weekly declines of about 8%, marking the most significant drop since June 2022.

Israel carried out limited retaliation against Iran overnight, targeting a location near an air base facility without causing significant damage.

Yields on shorter-dated U.S. Treasury bonds remain stable at around 5%, maintaining levels seen since mid-November 2023, amid Federal Reserve Chair Jerome Powell‘s staunch opposition to rate cuts.

Gold prices surged to $2,400 per ounce amid escalating tensions in the Middle East, while oil prices stabilized after an initial rise following the Israeli strike.

Bitcoin BTC/USD saw a modest increase of over 1%, with the crypto community anticipating the upcoming halving event.

Friday’s Performance In Major US Indices, ETFs

Major IndicesPrice1-day %chg
Dow Jones38,001.610.6%
Russell 20001,947.930.0%
S&P 5004,984.63-0.5%
Nasdaq 10017,127.17-1.5%
Updated at 1.30 p.m. EDT

The SPDR S&P 500 ETF Trust SPY fell 0.4% to $496.85, the SPDR Dow Jones Industrial Average DIA rose 0.5%% to $379.83 and the tech-heavy Invesco QQQ Trust QQQ tumbled 1.5% to $417.03 according to Benzinga Pro data

Sector-wise, the Utilities Select Sector SPDR Fund XLU outperformed, up 1.6%, followed by the Energy Select Sector SPDR Fund XLE, up 1.3%. The Technology Select Sector SPDR Fund XLK was the major laggard, down 1.5%.


Friday’s Stock Movers

  • Paramount Global PARA rocketed 13% on rumors that Apollo Global Management APO and Sony Group Corp. SONY are mulling a joint bid for the company.
  • Super Micro Computer Inc. SMCI dropped 18% as the company announced its third-quarter earnings date, but it did not provide preliminary estimates.
  • Netflix, Inc. NFLX saw a fall of nearly 9% despite beating Street estimates last quarter. Investors negatively reacted to the company’s plans to cease providing quarterly disclosures on subscriber growth or average revenue per member starting next year.
  • Other companies reacting to earnings were American Express Co. AXP up 5.5%, Fifth Third Bancorp FITB up 5.6%, Huntington Bancshares Incorporated HBAN up 1.5% Regions Financial Corporation RF down 0.7%, Procter & Gamble Company PG flat, and Schlumberger Limited SLB, down 1.5%.
  • Tesla Inc. TSLA was 0.5% lower after the EV-maker recalled thousands of Cybertrucks due to an accelerator pedal problem.

Read now: Is The US National Debt Unsustainable? ‘We Can’t Have A Deficit Of 7% Of The GDP’

Photo: Shutterstock

Market News and Data brought to you by Benzinga APIs
Posted In: CryptocurrencyEquitiesLarge CapMarket SummaryMid CapSector ETFsBondsBroad U.S. Equity ETFsCommoditiesSmall CapTreasuriesGlobalEcon #sTop StoriesFederal ReserveIntraday UpdateTechETFsConsumer Techelectric vehiclesStories That Matter
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!