Dow Jones Today: Nasdaq Faces Worst Week Since 'Liberation Day'
Stocks declined on Friday as diminishing enthusiasm for artificial intelligence impacted the technology sector, pushing the Nasdaq toward its worst weekly performance since President Donald Trump's "Liberation Day" tariffs rattled markets in early April.
Market Movements
- The Nasdaq Composite fell about 0.5% by Friday afternoon.
- The S&P 500 slipped 0.1%.
- The Dow Jones Industrial Average recovered from earlier losses and traded flat.
- All three indexes remained well above their intraday lows.
Previous Day's Performance
On Thursday, the major indexes experienced sharp declines, with the Nasdaq dropping nearly 2%. This came despite strong earnings reports from chipmakers Qualcomm (QCOM) and Arm Holdings (ARM), as pressure mounted on tech stocks and semiconductor companies.
Labor Market Data Delay
The usual October jobs report from the Bureau of Labor Statistics was postponed due to the ongoing government shutdown, now in its 38th day.
However, private data released yesterday revealed the labor market remains fragile:
- Over 150,000 layoffs were reported by private employers in October.
- This marked the highest number of layoffs in October in more than 20 years.
Investor Outlook
Investors are closely monitoring employment figures as they anticipate the Federal Reserve’s next decision on interest rates.
"Stocks fell on Friday as cooling AI sentiment weighed on the tech sector and put the Nasdaq on track to post its worst week since President Donald Trump shook markets with his 'Liberation Day' tariffs in early April."
Author's summary: Market downturns driven by fading AI excitement and labor market challenges have raised uncertainty about future Federal Reserve interest rate moves.
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