June 18, 2024

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Dow, S&P 500 See Further Downside But Nasdaq Regains Ground

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After moving sharply lower over the two previous sessions, the major U.S. stock indexes turned in a mixed performance during trading on Friday.

While the Dow and the S&P 500 extended the recent downward move, the tech-heavy Nasdaq managed to regain some ground.

The Nasdaq pulled back well off its best levels of the day but still closed up 47.41 points or 0.4 percent at 12,643.01, bouncing off its lowest closing level in five months.

Meanwhile, the Dow tumbled 366.71 points or 1.1 percent to 32,417.59 and the S&P 500 fell 19.86 points or 0.5 percent to 4,117.37.

The Dow slumped to its lowest closing level in seven months, while the S&P 500 slid to a new five-month closing low.

Despite the mixed performance on the day, the major averages all moved sharply lower for the week. The Dow tumbled by 2.1 percent, while the S&P 500 and the Nasdaq plunged by 2.5 percent and 2.6 percent, respectively.

The rebound by the Nasdaq partly reflected a positive reaction to earnings news from Amazon (AMZN), with the online retail giant spiking by 6.8 percent after reporting better than expected third quarter results.

Semiconductor giant Intel (INTC) also soared by 9.3 percent after reporting third quarter results that exceeded analyst estimates and providing upbeat guidance.

Meanwhile, a steep drop by shares of Chevron (CVX) weighed on the Dow, as the energy giant plunged by 6.7 percent after reporting third quarter earnings that missed analyst estimates.

Traders were also digesting a Commerce Department report showing its reading on consumer prices rose by 0.4 percent in September, matching the increase in August. Economists had expected prices to rise by 0.3 percent.

Excluding food and energy prices, core consumer prices increased by 0.3 percent in September after inching up by 0.1 percent in the previous month. The core price growth matched economist estimates.

The annual rate of consumer price growth was unchanged at 3.4 percent, while the annual rate of core consumer price growth…

2023-10-27 16:16:08

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