On Friday, the stock market took a hit with the Dow Jones, S&P 500, and Nasdaq all falling due to concerns about potential conflict in the Middle East sparked by Iran’s threats against Israel. The market was also keeping a close eye on the earnings reports of major banks like JPMorgan Chase, Wells Fargo, and Citigroup.
Tesla’s stock saw a slight decline as a prominent bull warned about potential problems with Elon Musk’s robotaxi plans. Meanwhile, South Korean e-commerce company Coupang saw a significant jump in its stock price following a membership fee increase.
In other news, Chinese authorities ordered telecom companies to phase out foreign chips, leading to drops in the stock prices of companies like Intel and AMD. Nvidia also saw a slight dip after recent gains.
Despite the overall market decline, Nvidia’s stock played a key role in the Nasdaq reaching a record high in the previous session. Bank earnings reports, including those of JPMorgan, Wells Fargo, and Citigroup, set the tone for the start of earnings season.
It will be interesting to see how Tesla navigates its robotaxi plans and whether it will impact the company’s growth trajectory. Additionally, the market will be closely watching for any developments in the Middle East that could further impact investor sentiment.
