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Dow nearly flat as Nasdaq and S&P fall for the week
Across the week, the Nasdaq declined 2.5%, versus a 0.4% drop for the Dow and a 1.1% decline for the S&P 500, with a strong insurance quarter helping offset tech pressure.
Friday trading stayed under pressure in the US market, with the Nasdaq Composite down 1.1% around 12:21 p.m. ET, after slipping as much as 2.2% earlier in the session. The S&P 500 fell 0.7% while the Dow Jones Industrial Average was down 0.3%, limiting the losses in the broader industrial-heavy gauge.
For the week, the Dow was nearly flat, down 0.4%, while the S&P 500 dropped 1.1% and the Nasdaq fell 2.5%. The differential reflected sector and company moves, with the Dow benefiting largely from an insurance company delivering a very good quarter, according to Yahoo Finance.
Yahoo Finance cited a sequence of catalysts that weighed on technology stocks and sentiment, including SK Hynix sliding after a South Korean market shock triggered circuit breakers, IBM experiencing its worst day since 1987 after acknowledging customer budget shifts toward hardware, and AI spending concerns after Taiwan Semiconductor Manufacturing raised its capital expenditure outlook to as much as $64 billion.
The report also pointed to company-specific issues dragging mega-cap tech lower, including Alphabet falling after reports that its Gemini AI model is running months behind schedule, Meta dropping amid an employee lawsuit over AI-assisted layoffs and investor focus on its $125 billion to $145 billion spending plans, and Space Exploration Technologies sliding about 5% after going public recently. Yahoo Finance added that a Netflix pullback followed results that met expectations, and highlighted a looming lockup expiration at SpaceX that could add nearly a billion shares after the firm’s first earnings report.
Latest closeS&P 500 7,533.77 ▼0.5%|Nasdaq Comp. 25,881.95 ▼1.5%|Dow Jones 52,552.97 ▼0.2%