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Stock market today (April 20, 2024): Tumbling tech stocks drag Wall Street to the finish line of another losing week

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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.

NEW YORK —

The market’s worst performers included several stocks that had been its biggest stars. Super Micro Computer lost more than a fifth of its value, dropping 23.1%. The company, which sells server and storage systems used in AI and other computing, had soared nearly 227% for the year coming into the day.

The larger threat was a dawning, dispiriting acknowledgement sweeping Wall Street that interest rates may likely stay high for longer. for a while. That’s a letdown for traders after the Fed had signaled earlier that three cuts to interest rates could be possible this year. Fed officials are adamant that they want to see additional proof inflation is heading down toward their 2% target before lowering the Fed’s main interest rate, which is at its highest level since 2001.

“The giant sucking sound of optimism from the market is due to the Fed’s lack of foresight and irrational focus on where inflation has been instead of where it’s going,” he said.

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