Wall Street Ends Choppy Session Lower as Tech Shares Drop
💡 Tech shares led the decline, with the Nasdaq Composite falling 1.2%.
The US stock market closed lower on Friday, as a choppy session was dominated by losses in the tech sector. The S&P 500 fell 0.8%, while the Dow Jones Industrial Average declined 0.5%. Tech shares were the main drivers of the decline, with the Nasdaq Composite falling 1.2%.
Tech Stocks Fall Sharply
The fell 0.7% as tech shares tumbled. dropped 2.5% after the chipmaker reported weaker-than-expected earnings. The , which tracks the Nasdaq 100, fell 1.5% as the tech-heavy index underperformed.
Economic Growth Slows
The US economy grew at a slower pace in the first quarter, according to data released on Friday. The GDP growth rate was 1.1%, down from 2.6% in the previous quarter. The slowdown in growth was attributed to a decline in consumer spending and a decrease in business investment.
Interest Rates Rise
The Federal Reserve raised interest rates by 25 basis points on Wednesday, citing inflation concerns. The move was widely expected by markets, but the Fed's hawkish tone sent stocks lower. The 10-year Treasury yield rose to 4.6% in the aftermath, its highest level since October 2023.
What It Means for Investors
💬 The decline in tech shares and the slowdown in economic growth may signal a shift in the market's direction. Do you think the Nasdaq Composite will hold above 12,000? Share your view in the comments.
0 Comments
Sign in or create a free account to join the conversation.
Loading comments…