The worst week for big technology stocks since the COVID crash in 2020 dragged Wall Street on Friday across the finish line of another losing week. The Standard & Poor's 500 index dropped 0.9% to close out its third straight losing week. That’s its longest such streak since September, before it broke into a romp that sent it to a string of records this year. The Nasdaq composite sank 2%. The Dow Jones industrial average, which has less of an emphasis on tech, was an outlier and rose 0.
a Dutch company that’s a major supplier to the semiconductor industry, reported weaker-than-expected orders for the start of 2024, for example. The larger threat was a dawning, dispiriting acknowledgement sweeping Wall Street that interest rates may stay high for longer. Top Fed officials said this week that they could hold interest rates at their high level for a while. That’s a letdown for traders after the Fed had signaled earlier that three interest rate cuts were possible this year.
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Stock market today: Global shares trading mixed after Wall Street’s momentum coolsGlobal shares are mixed in muted trading, as a wait and see mood prevails in markets around the world.
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Stock market today: Asian shares trade mixed after Wall Street closes near record finishAsian shares are trading mixed as investors await further indications of future U.S. interest rate cuts. Chinese markets rose while shares fell in Tokyo and Seoul. The Chinese yuan dipped to its lowest level in four months. Oil prices advanced and U.S. futures were lower.
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