US stocks fell for the 6th consecutive week
Wall Street saw a week of great volatility, as the DJIA recorded both its best and worst session since 2020.
Closing the session on May 6, the S&P 500 index fell 0.57%, closing at 4,123 points. Meanwhile, the Nasdaq Composite lost 1.4% to 12,144 points. DJIA fell 0.3% to 32,899 points.
For the whole week, all three indexes went down. The DJIA even fell for the 6th week in a row.
Session 5/5, DJIA lost more than 1,000 points. Nasdaq fell nearly 5%. Both indexes posted their biggest declines since 2020.
This sell-off session wiped out the gain on May 4, after the US Federal Reserve (Fed) announced an interest rate hike. The fact that Fed Chairman Jerome Powell ruled out a stronger interest rate hike helped the S&P 500 and DJIA have their best two-year gains.
Technology stocks continued to go down in the last session of the week. Amazon yesterday fell 1.4%. Microsoft and Nvidia lost 0.9%. Netflix and Crowdstrike fell 3.9% and 8.9%, respectively.
Groups like biotech and solar depreciated the most. Illumina lost 14%, while Enphase Energy lost 8.4%.
For the whole week, the e-commerce group performed the worst. Amazon and Shopify closed the week down 7.7% and 11.6%, respectively.
“This is directly related to rising real interest rates. The problem with the tech industry is not just pricing pressure, due to interest rate changes, but also falling demand. This will be one of those. key trends in the current earnings season,” said Angelo Kourkafas, investment strategist at Edward Jones. Yields on 10-year US government bonds rose to 3.13% yesterday, the first time since 2018.
Energy was the bright spot for the market, with EOG Resources up 7.1%. Oil prices continued to go up yesterday. This is an upbeat sign for energy stocks, but raises concerns about slowing economic growth and accelerating inflation.
Ha Thu (according to CNBC)
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