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Stock market today: Tech stocks smoked, Nvidia tumbles 9% to cap worst week of the year

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Nasdaq Composite News

Interest Rate,Sixth Consecutive

A measure of calm was returning after Israel's retaliatory strike on Iran spooked the market and spurred a rush to safe havens such as gold.

Wall Street retreated on Friday as dimming hopes for a coming interest rate cut and geopolitical uncertainty intensified a sell off in Big Tech. The S&P 500 fell about 0.9%, notching its sixth consecutive losing day, and suffering its worst losing streak since October 2022. The benchmark index lost more than 3% for the week. The tech-heavy Nasdaq Composite slid 2.3%, falling more than 5% for the week. The Dow Jones Industrial Average managed to rise about 0.5%.

The market had come back from a deeper sell-off after Israel's retaliatory strike on Iran spooked traders overnight and spurred a rush to safe havens such as gold. But investors are still on high alert, though Iran has confirmed the drone attack and said it failed. Stocks were already under pressure before the shock amid persistent uncertainty about Federal Reserve interest rate cuts.

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