Stock Market News

S&P 500 and Nasdaq enter correction territory; Tech giants see share rise amid market slump

2023.10.29 21:37


© Pavlo Gonchar / SOPA Images/Sipa via Reuters Connect

The and indices have entered correction territory, with declines exceeding 10% over the past week. The also fell by over 366 points to close at 32,417.59. This market downturn, primarily due to soaring Treasury yields and various economic and geopolitical issues, has caused concern among Americans as it may impact the performance of numerous mutual funds that benchmark against these indices.

Despite the broader market downturn, shares of tech giants Amazon (NASDAQ:), Microsoft (NASDAQ:), and Apple (NASDAQ:) rose last week. Amazon’s shares increased by over 6% following positive investor sentiment towards its Q3 update and Q4 forecast. The positive sentiment towards Amazon led to a rise in shares for Microsoft and Apple as well, with Apple set to release its quarterly figures soon.

However, not all tech stocks fared well. Meta Platforms Inc (NASDAQ:)., Tesla (NASDAQ:) Inc., Alphabet (NASDAQ:) Inc., Nvidia Corporation (NASDAQ:), and Netflix Inc. (NASDAQ:) all saw weekly losses. Alphabet witnessed a near 10% slump, Nvidia lost around 2% weekly, while Netflix dipped slightly by 0.7%.

In other sectors, Ford Motor Company (NYSE:) shares plunged due to a negative quarterly report while Exxon Mobil Corporation (NYSE:) shares also declined following its ‘guided’ quarterly result. Chevron Corporation (NYSE:) shares fell over concerns about its quarterly figures and its $US53 agreed bid for Hess Corporation (NYSE:), registering a weekly loss of more than 13%.

Australia’s also saw a decline of 8.4%. Amid these market fluctuations, Gina Rinehart’s Hancock Prospecting emerged as a significant stakeholder in Azure Minerals, potentially frustrating SQM’s $1.6 billion bid for the same. The proposed merger between Australian Unity Diversified Property Fund and Cromwell Direct Property Fund was abandoned due to volatility in commercial property asset values.

Macquarie Group (OTC:) is also set to release weak half-year results.

Despite the recent market correction, financial experts like Ryan Detrick from Carson Group emphasize that such market corrections are normal, transient, and less severe than a bear market. The S&P 500 marked its best first seven-month performance since 1997 from January to July, despite the recent pullbacks.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Source link

Related Articles

Back to top button
bitcoin
Bitcoin (BTC) $ 75,947.35 1.49%
vested-xor
Vested XOR (VXOR) $ 3,405.08 99,999.99%
ethereum
Ethereum (ETH) $ 2,911.79 3.77%
tether
Tether (USDT) $ 1.00 0.03%
solana
Solana (SOL) $ 198.90 6.18%
bnb
BNB (BNB) $ 598.27 0.52%
usd-coin
USDC (USDC) $ 1.00 0.03%
xrp
XRP (XRP) $ 0.550732 0.98%
dogecoin
Dogecoin (DOGE) $ 0.200642 5.27%
staked-ether
Lido Staked Ether (STETH) $ 2,914.96 3.89%
cardano
Cardano (ADA) $ 0.434251 17.72%
tron
TRON (TRX) $ 0.160819 0.54%
wrapped-steth
Wrapped stETH (WSTETH) $ 3,449.04 2.57%
the-open-network
Toncoin (TON) $ 4.89 1.31%
shiba-inu
Shiba Inu (SHIB) $ 0.000019 3.88%
avalanche-2
Avalanche (AVAX) $ 27.45 1.73%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 75,863.33 1.53%
weth
WETH (WETH) $ 2,910.16 3.80%
chainlink
Chainlink (LINK) $ 12.77 3.84%
bitcoin-cash
Bitcoin Cash (BCH) $ 379.77 1.57%
sui
Sui (SUI) $ 2.30 2.97%
polkadot
Polkadot (DOT) $ 4.27 4.36%
leo-token
LEO Token (LEO) $ 6.34 3.28%
usds
USDS (USDS) $ 1.00 0.08%
litecoin
Litecoin (LTC) $ 71.20 0.92%
wrapped-eeth
Wrapped eETH (WEETH) $ 3,062.00 3.75%
uniswap
Uniswap (UNI) $ 8.81 1.26%
near
NEAR Protocol (NEAR) $ 4.20 1.09%
aptos
Aptos (APT) $ 9.65 1.31%
pepe
Pepe (PEPE) $ 0.000011 6.88%
bittensor
Bittensor (TAO) $ 504.57 2.52%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.42 2.82%
internet-computer
Internet Computer (ICP) $ 7.71 1.90%
dai
Dai (DAI) $ 1.00 0.05%
stellar
Stellar (XLM) $ 0.101649 4.10%
monero
Monero (XMR) $ 163.88 0.66%
ethereum-classic
Ethereum Classic (ETC) $ 20.23 0.82%
ethena-usde
Ethena USDe (USDE) $ 1.00 0.16%
crypto-com-chain
Cronos (CRO) $ 0.103078 19.97%
kaspa
Kaspa (KAS) $ 0.113475 4.32%
whitebit
WhiteBIT Coin (WBT) $ 19.62 1.83%
aave
Aave (AAVE) $ 180.07 0.90%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.344415 1.85%
blockstack
Stacks (STX) $ 1.65 0.77%
okb
OKB (OKB) $ 40.29 1.33%
first-digital-usd
First Digital USD (FDUSD) $ 0.998771 0.30%
dogwifcoin
dogwifhat (WIF) $ 2.32 0.77%
arbitrum
Arbitrum (ARB) $ 0.570872 1.05%
mantle
Mantle (MNT) $ 0.660919 8.27%
filecoin
Filecoin (FIL) $ 3.72 0.08%