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U.S. stocks were mostly lower on Friday, with the S&P 500 falling for the sixth day in a row.
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The decline was led by mega-cap tech stocks, with Nvidia plunging as much as 10%.
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A sharp 23% crash in Super Micro Computer accelerated the decline in technology stocks.
U.S. stocks were mostly lower on Friday, with the S&P 500 falling for a sixth straight day and posting its worst performance week yet in 2024.
Stocks wobbled early Friday as investors assessed Israel’s missile strike on Iran, which was largely seen as symbolic and a possible way out of further conflict.
But stock market losses widened after Super Micro Computer reported earnings without announcing results in advance, as some on Wall Street seemed to have expected.
Shares of Super Micro Computer fell 23%, dragging AI darling Nvidia down as much as 10%. Nvidia’s decline has wiped out $183 billion in market value. Nvidia supplies its AI chips to Super Micro Computer and considers it one of its larger customers.
Other tech stocks fell including Meta Platforms, Amazon and Netflix, which fell 9% in Friday trading. The company beat earnings expectations but announced it would stop reporting net subscriber growth starting in 2025.
So far, of the 13% of S&P 500 companies that have reported earnings results, 77% have beaten earnings expectations by an average of 7%, while 55% have exceeded revenue expectations by an average of 3%, according to Fundstrat data. .
Here’s where the US indexes stood at 4pm on Friday:
Here’s what else is happening today:
In commodities, bonds and crypto:
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West Texas Intermediate crude rose 0.09% to $82.17 a barrel. Brent crude, the international benchmark, rose 0.16% to $87.25 per barrel.
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Gold rose 0.21% to $2,403.00 an ounce.
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The yield on ten-year government bonds remained unchanged at 4.62%.
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Bitcoin rose 1.21% to $64,280.
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