The stock market experienced some modest losses on Friday morning following a volatile session on Thursday. Nvidia was a particular focus after facing significant selling pressure the day before.
Nvidia stock declined by 3.5% early Friday, continuing its downward trend from Thursday’s heavy volume sell-off. Similar to the Nasdaq, Nvidia is trading well above its 50-day moving average, which could indicate a potential pullback.
Other AI-related stocks, such as Broadcom, Taiwan Semiconductor, and Arm Holdings, also saw sharp declines on Thursday and continued to fall on Friday. The market also experienced increased volume and potential volatility due to quadruple witching day, with options and futures expiring.
The Nasdaq composite was down 0.3% on Friday, with Micron Technology extending losses ahead of its upcoming earnings report. The S&P 500 slipped 0.2%, affected by weakness in stocks like Micron, Nvidia, and Super Micro Computer.
The Dow Jones Industrial Average edged higher, while the Russell 2000 small-cap index lost ground. Market breadth has been weak recently, with losers slightly outnumbering winners. The 10-year Treasury yield edged higher, and Bitcoin saw a 2% decline.
In terms of individual stocks, Nike outperformed ahead of its earnings report, while Apple and biotech company Sarepta Therapeutics also made gains. Gilead Sciences extended its gains after positive news regarding its HIV-prevention shot.
Overall, the market showed some signs of volatility and uncertainty, with various stocks experiencing fluctuations in response to market conditions. It will be important for investors to watch these trends closely to navigate the current market environment effectively.
