- Big technology stocks have experienced their worst week since the COVID crash in 2020, leading to another losing week for Wall Street.
- The S&P 500 fell 0.9% on Friday, marking its third consecutive losing week, while the Nasdaq composite tumbled 2%.
- Super Micro Computer lost more than a fifth of its value, and Nvidia was the single heaviest weight on the S&P 500.
Wall Street suffers another losing week as big tech stocks experience their worst week since the COVID crash in 2020, with Super Micro Computer and Nvidia among the hardest hit.
Big Tech Stocks Drag Wall Street Down
The worst week for big technology stocks since the COVID crash in 2020 has dragged Wall Street across the finish line of another losing week. The S&P 500 fell 0.9% on Friday, closing out its third straight losing week. The Nasdaq composite, which is heavily weighted towards tech stocks, tumbled 2%. The Dow Jones Industrial Average, which has less of an emphasis on tech, was an outlier and rose 0.6%.
Market’s Worst Performers
The market’s worst performers included several stocks that had been its biggest stars. Super Micro Computer lost more than a fifth of its value. Nvidia, a major player in the tech industry, was the single heaviest weight on the S&P 500, significantly contributing to the index’s decline.
Market Performance Overview
On Friday, the S&P 500 fell 43.89 points, or 0.9%, to 4,967.23. The Dow Jones Industrial Average rose 211.02 points, or 0.6%, to 37,986.40. The Nasdaq composite fell 319.49 points, or 2%, to 15,282.01. The Russell 2000 index of smaller companies rose 4.70 points, or 0.2%, to 1,947.66.
Week and Year Performance
For the week, the S&P 500 is down 156.18 points, or 3%. The Dow is up 3.16 points, or less than 0.1%. The Nasdaq is down 893.08 points, or 5.5%. The Russell 2000 is down 55.52 points, or 2.8%. For the year, the S&P 500 is up 197.40 points, or 4.1%. The Dow is up 296.86 points, or 0.8%. The Nasdaq is up 270.66 points, or 1.8%. The Russell 2000 is down 79.42 points, or 3.9%.
Conclusion
The recent performance of big tech stocks has led to a challenging week for Wall Street. However, it’s important to note that market fluctuations are a normal part of investing. Investors should maintain a long-term perspective and consider their overall portfolio strategy and risk tolerance when making investment decisions.
