Aiming to recoup some of the sharp losses sustained this week, the Nasdaq Composite increased on Friday. Because of its impressive quarterly performance, Amazon gave tech-related shares a boost.
A 0.4% increase was made by the S&P 500, but the tech-heavy index climbed about 1%. It was a little bit lower for the Dow Jones Industrial Average.
After surpassing analysts’ estimates for revenue and profitability in the third quarter, Amazon saw a 5% increase in stock price. Amazon shares increased, followed by those of other megacap stocks including Microsoft and Alphabet.
But Ford’s stock fell 5% as a result of the firm missing third-quarter profit estimates and revising its full-year projections due to the UAW strike. Following the energy giant’s earnings release, Chevron’s stock fell by more than 4%.
After a challenging session on Wall Street, the S&P 500 and Nasdaq Composite both saw losses of more than 1% on Thursday, with the latter plunging even farther into correction territory. The Dow dropped by over 250 points.
These losses set up significant weekly losses for the key averages. The week-to-date declines for the Dow and S&P 500 are 1.8% and 1%, respectively. During that period, the Nasdaq has dropped 2%.
Sonia Meskin, head of U.S. macro at BNY Mellon Investment Management, believes that more market loss rather than a year-end rally may be in store. She stated on CNBC’s “Closing Bell” that “we’re actually a bit less enthusiastic about equities.” “Our main forecast is that the S&P will close the year at about 4,000.” She did point out that this viewpoint is not without controversy.
Source (CNBC)
