Nasdaq Rises on Friday, Led by Tech
The S&P 500 closed flat on Friday, the Dow declined 259 points while the Nasdaq 100 advanced 0.5% as bank declines overshadowed tech gains. The financial sector was particularly affected by concerns surrounding New York Community Bancorp, which saw its shares tumble 8.2% following disappointing guidance.
Bank of America and Wells Fargo both fell 1.7% and 1.3%, respectively, while Morgan Stanley and Goldman Sachs declined by 2%. Conversely, major tech companies such as Microsoft, Alphabet, Meta, and Amazon rose between 0.8% and 1.5% ahead of their upcoming earnings reports.
Additionally, Nvidia and TSMC ADRs increased by 0.8% and 6.9%, respectively, extending gains in the semiconductor sector. On the data front, the University of Michigan consumer survey indicated that both sentiment and expectations have been revised upward, while inflation forecasts were adjusted downward. For the week, the S&P 500 and the Dow decline by 2.4% and 0.9%, while the Nasdaq booked slight gains.
Source : Trading Economics
