The stock market saw mixed results on Friday as the Dow Jones Industrial Average continued to perform well, despite a tech sell-off. Indexes remained uneven following Israel’s retaliatory attack on Iran, with some big-name tech stocks like Nvidia, Meta Platforms, and Amazon.com falling below their 50-day moving averages.
Bitcoin held steady at around $64,000 as the countdown to the fourth halving event began. While the Dow maintained a 0.4% gain, the S&P 500 dropped below a key psychological level, adding another distribution day on Thursday.
The Nasdaq experienced the most significant losses, falling 2.2% to the day’s lows. Market breadth was mixed, with advancers slightly ahead of decliners on the NYSE and the opposite scenario on the Nasdaq.
Despite some sectors performing well, signs of a market under pressure were evident, as fewer stocks reached new highs. The small-cap Russell 2000 reversed course, and the Innovator IBD 50 ETF fell over 2%.
In terms of individual stocks, companies like American Express and UnitedHealth helped lift the Dow, while Netflix and Intuitive Surgical faced challenges following their quarterly earnings reports. High-profile tech stocks like Nvidia, Amazon, and Meta Platforms faced selling pressure after breaking below key support levels.
Overall, market conditions were volatile but offered opportunities for investors to evaluate their portfolios and make strategic decisions moving forward.
