US benchmark equity indexes experienced a notable decline before the market closed on Friday, largely driven by a drop in significant technology stocks. The Nasdaq Composite index fell by 1.7% to reach a closing value of 19,674.5. Similarly, the S&P 500 index saw a reduction of 1.3%, finishing at 5,959.2, while the Dow Jones Industrial Average recorded a 0.9% loss, settling at 42,939.5.
Across the board, all sectors faced declines, with consumer discretionary and technology leading the way. Among the individual companies, shares of Nvidia, a prominent player in the semiconductor industry, suffered the largest decrease on the Dow, plummeting by 2.4%. Other tech giants also felt the strain, including Microsoft, Apple, and Amazon.com, all of which reported declines in their share prices. Tesla, a key manufacturer of electric vehicles, recorded the most significant downturn on both the Nasdaq and S&P indexes, witnessing a noteworthy drop of 5.5%.
This decline reflects the ongoing challenges and volatility faced by the tech sector in the current market environment. In terms of fixed income securities, the US 10-year yield experienced an increase, rising by 4.4 basis points to 4.62%. In contrast, the yield on the two-year rate saw a slight decrease of one basis point, settling at 4.33%. Meanwhile, the price of West Texas Intermediate crude oil exhibited some gains, climbing 0.9% to reach $70.21 per barrel, indicating a potential recovery in the energy sector amidst broader market challenges.
Investors will be closely watching these developments as the economic landscape continues to evolve, making it crucial to stay informed on market movements and trends..