Stock markets closed mostly lower on Friday, with chip makers leading the decline following reports of potential disruptions in the semiconductor industry. The Nasdaq 100 Index closed down by 0.43%, reflecting the broader negative sentiment in the market.
Investors faced additional pressure from negative trade news, including Japan canceling a trade meeting with the US and President Trump’s tariff announcements. However, hopes for diplomatic resolutions in international conflicts and dovish comments from the Fed provided some support to the market.
On the economic front, US data showed mixed results, with the Philadelphia Fed business outlook survey and the index of leading economic indicators both falling short of expectations. Geopolitical tensions between Israel and Iran added further uncertainty to the market environment.
Overseas markets settled with mixed results, with the Euro Stoxx 50 closing higher while China’s Shanghai Composite and Japan’s Nikkei Stock 225 closed lower.
Interest rates saw some fluctuations, with T-notes initially moving lower but recovering later in the day due to weaker economic data and comments from Fed Governor Waller. European government bond yields also showed mixed movements.
Stock movers included chip makers like Lam Research, KLA Corp, and Applied Materials, which closed lower, impacting the broader market. Tech giants like Alphabet, Meta Platforms, and Nvidia also faced selling pressure, contrasting with gains in stocks like Apple and Tesla.
Notable gainers included Kroger, CarMax, GMS Inc, and Circle Internet Group, with each reporting positive news or market developments. On the other hand, companies like Accenture, Smith & Wesson Brands, and Sarepta Therapeutics faced declines following downgrades or weaker-than-expected earnings.
Looking ahead, upcoming earnings reports from companies like Commercial Metals Co, FactSet Research Systems Inc, and KB Home will be closely watched by investors. The market remains sensitive to trade developments, geopolitical tensions, and economic indicators as it navigates through the current uncertainties.
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