Market Update – Stocks Retreat
The S&P 500, Nasdaq-100, and Dow Jones Industrial Average all retreated on Friday after hitting record highs on Thursday. As of 1 p.m. ET, the Nasdaq-100 dropped 1.2%, the S&P 500 fell 0.9%, and the Dow decreased by 0.8%. This decline follows the Dow surpassing 50,000 and the S&P 500 exceeding 7,500 for the first time.
Key developments contributing to the market’s pullback include a rise in the 10-year Treasury yield to 4.6%, a potential slowdown in business opportunities in China following Nvidia’s blocked chip sales amidst trade policy reviews, and Jerome Powell’s final day as Fed Chair, with Kevin Warsh set to take over. Oil prices also surged, adding inflationary pressures, while average gas prices remained steady at around $4.53 per gallon.
Despite the Friday decline, all three major indexes have remained relatively flat over the past week, indicating ongoing volatility. Nvidia led the losses with a 3% price drop due to regulatory issues, while Microsoft bucked the trend by rising 3.6% after significant new investments were disclosed.
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