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Stocks stumble as techs lose momentum

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Stocks,Tech,Bank Results

Stocks fell on Friday as tech stocks lost their winning streak, with investors looking to big bank results for inspiration. The tech-heavy Nasdaq Composite slid 0.9%, while the S&P 500 shed 0.7%. The Dow Jones Industrial Average fell 0.6%. Investors are hoping that corporate updates from BlackRock and other giant banks can revive the early-year rally in stocks.

Stocks stumbled on Friday as techs lost their winning ways, with investors looking for inspiration in the big bank results rolling in to kick off earnings season. The tech-heavy Nasdaq Composite slid 0.9%, while the S&P 500 shed 0.7%. The Dow Jones Industrial Average fell 0.6%, or more than 200 points. Stocks are falling after "Magnificent 7" tech names led a run higher on Thursday, propelled again by AI tailwinds.

BlackRock results got earnings season underway early Friday amid hopes that corporate updates can revive the early-year rally in stocks. Shares of the world's biggest asset manager popped in morning trading after the company posted a 36% jump in profit. Investors are watching for the giant banks to demonstrate how they benefit if interest rates remain higher than expected this year.

 

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