The Nasdaq and S&P 500 yielded to consistent losses, marking their worst weekly performances in a jarring flashback to Nov. 2022 and Mar. 2023, respectively. The market took a severe tumble today, with Netflix (NFLX) and Nvidia (NVDA) absorbing substantial losses that propelled the Nasdaq into a 319-point daily slump — the most significant plummet since January. In contrast, the Dow clinched a triple-digit victory for the session, managing to eke out a meager 3-point weekly gain. The S&P 500 suffered its third consecutive week in decline, with the Nasdaq facing its fourth consecutive week of losses.
Looking ahead, delve into today’s market intricacies showcasing:
- The underlying causes of Netflix stock’s downward spiral.
- A software entity grappling with challenges depicted starkly on the charts.
- Furthermore, witness an entertainment juggernaut soaring, a chip stock hitting an unprecedented yearly low, and indispensable advice on avoiding trading pitfalls through 10 key options missteps.
Key Revelations Uncovered Today
- The ‘magnificent seven’ collectively hemorrhaged $934 billion in market capitalizations this week, marking the most substantial loss ever for this cohort, partly attributable to Nvidia (NVDA). (MarketWatch)
- The U.S. House of Representatives made headway with a bill designed to extend aid to Ukraine, Israel, and Taiwan while potentially imposing a ban on China-based social media platform TikTok. (Bloomberg)
- Paramount Global positions itself in the midst of merger negotiations.
- A semiconductor stock plunges to a 52-week low following a downgrade.
- Discover common blunders impacting options trading, like the critical misstep of capital misallocation.
Oil and Gold: A Glimmer Amidst Chaos
Following escalating tensions in the Middle East, oil emerged with modest gains today, though concluding the week with a 2.9% deficit. West Texas Intermediate (WTI) for May witnessed a 0.5% lift, settling at $83.14 per barrel on Friday.
Even amidst the turmoil, gold prices surged for the fifth successive week, with June-dated gold futures advancing 0.7% to reach $2,413.8 per ounce.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
