Today’s Stock Market Update: Dow Jones Drops Following Release of Economic Data; Cathie Wood Increases Investment in Tesla Shares

The Dow Jones Industrial Average decreased by 150 points on Friday due to the early release of economic data, potentially ending the week on a down note. Software giant Adobe experienced a significant drop in earnings, while investor Cathie Wood made large purchases of Tesla stock today.

The Dow Jones Industrial Average fell by 0.4%, while the S&P 500 and Nasdaq composite both saw losses as well. In the ETF market, the Nasdaq 100 tracker Invesco QQQ Trust ETF and SPDR S&P 500 ETF were down, reflecting the overall market trend.

The 10-year Treasury yield rose to 4.3%, while oil prices remained steady. Cathie Wood’s Ark Innovation ETF purchased a substantial amount of Tesla stock, despite its recent decline in value.

Key economic data released on Friday included a decrease in the Empire State manufacturing index and a rise in the Federal Reserve’s industrial production. The University of Michigan’s consumer sentiment numbers were also due to be released.

In terms of earnings movers, Adobe, Jabil, and Ulta Beauty all experienced significant declines in their stock prices. The overall market saw a decline, with various stocks nearing buy points or showing signs of potential breakout.

Some notable stocks to watch include Novo Nordisk, Merck, DraftKings, and Spotify. Additionally, Nvidia saw a decrease in its stock price, while Dow Jones leaders Apple and Microsoft also experienced losses.

Overall, the market showed signs of weakness, with key economic indicators and stock prices reflecting a cautious sentiment among investors.

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