Nasdaq Drops 3.6% in Volatile Week as Tech Weakness Pulls Market Down
Wall Street experienced a split performance over the week as tech stocks pulled back while industrial shares held firm. The Nasdaq Composite sank 3.64% for the week to close at 26,370.53, capping its steepest weekly decline in months after a 1.28% loss on Friday. The S&P 500 declined 1.43% weekly to 7,699.50, and the Russell 2000 fell 2.43%. Conversely, the Dow Jones Industrial Average gained 0.93% over the five days to finish at 52,134.63, despite dipping 0.08% on Friday.
Diverging sector trends accompanied rising volatility, with the VIX reaching 17.02 and the tech-focused VXN climbing to 22.89. In energy trading, West Texas Intermediate crude oil rose 4.17% over the week to $97.65 per barrel. Metals posted weekly losses, as gold fell 0.10% to $4,186.50 per ounce and silver sank 4.38% to $57.51. Fixed income yields softened, with the 10-year Treasury yield dropping 13 basis points across the week to 5.11%.
Traders are watching support near the 50-day exponential moving average of 7,681.97 on the S&P 500. Individual corporate activity was also in focus. Lockheed Martin Corporation (NYSE:LMT) handed over a C-130J-30 aircraft to naval forces for mission conversion. Beretta Holding reported strong investor participation in its cash offer for shares of Sturm, Ruger & Company, Inc. (NYSE:RGR). Meanwhile, financial services provider Truist Financial Corporation (NYSE:TFC), technology vendor CLPS Incorporation (NASDAQ:CLPS), and gold producer Orvana Minerals Corp. (TSX:ORV) updated the market on recent performance.
Key points
- The Nasdaq Composite dropped 3.64% for the week to finish at 26,370.53, marking its largest weekly fall in months.
- The Dow Jones Industrial Average gained 0.93% over the week to 52,134.63, outperforming broader indexes.
- The S&P 500 fell 1.43% weekly to 7,699.50, while small-cap stocks in the Russell 2000 retreated 2.43%.
- WTI crude oil advanced 4.17% weekly to $97.65 per barrel, as spot gold decreased 0.10% to $4,186.50 an ounce.
- Defense contractor Lockheed Martin delivered a military transport aircraft to the Navy for conversion work.
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How we writeDisclaimerQuestions and answers
How did main U.S. stock market indexes finish the week?
The Nasdaq Composite fell 3.64% to 26,370.53, while the S&P 500 declined 1.43% to 7,699.50. The Russell 2000 dropped 2.43%. The Dow Jones Industrial Average bucked the decline, gaining 0.93% to finish at 52,134.63.
What drove market volatility during the week?
Weakness in technology stocks weighed heavily on the Nasdaq Composite. Broader market uncertainty pushed the VIX up to 17.02 and the VXN up to 22.89.
How did commodity prices move over the week?
Crude oil futures rose 4.17% to $97.65 a barrel. Precious metals declined, with gold dipping 0.10% to $4,186.50 an ounce and silver falling 4.38% to $57.51.