The stock market closed near the day’s lows on Friday, with the Nasdaq composite and S&P 500 both falling for a third consecutive day.
The Dow Jones Industrial Average dropped 0.9%, the S&P 500 fell 0.7%, and the Nasdaq lost 0.8%. The small-cap Russell 2000 also declined by 0.6%.
The Nasdaq ended a six-week winning streak with a 3.7% loss for the week, while the S&P 500 lost 2%. The Dow’s significant weekly gain was reduced to less than 1%.
Despite options expirations on Friday, trading volume was lower on the NYSE and Nasdaq. Losers outnumbered winners on both exchanges.
In the stock market today, W.R. Berkley experienced a nearly 8% decline, breaking a five-day winning streak. On the other hand, Hawaiian Electric Industries surged around 38% on news of a settlement in litigation related to last year’s Maui wildfires.
Bitcoin-related stocks saw gains as the price of bitcoin rose 4.7% to over $66,500. Companies like Coinbase Global and Robinhood Markets saw positive movement on Friday.
Intel, CrowdStrike, American Express, and Travelers all faced selling pressure due to earnings reports. Semiconductor stocks, including Monolithic Power Systems, Axcelis Technologies, Cirrus Logic, and Taiwan Semiconductor, were also down.
Netflix and Intuitive Surgical reported earnings, with Netflix showing strong subscriber growth but ultimately reversing slightly lower, while Intuitive Surgical saw a bounce of more than 7%.
Overall, the market saw a mix of winners and losers, indicating ongoing volatility and uncertainty in the current economic landscape.
