All three major stock market indices (^DJI, ^IXIC, ^GSPC) ended Friday's session in the red, ending the week. In its latest volatile rally, Bitcoin (BTC-USD) rose to a new all-time high above $70,000 today before falling lower. The crypto asset is currently on a rapid recovery path and is back above $69,000.
Yahoo Finance's Julie Hyman highlights the day's market activity, while Jared Blikre reports on this week's industry leaders in the five-day moving average.
Yahoo Finance Live co-host Josh Lipton takes a closer look at Nvidia (NVDA) shares after they trended lower just a day after hitting another record high.
For more expert insights and the latest market activity, click here to watch this full episode of Yahoo Finance Live.
Editor's Note: This article was written by Luke Carberry Mogan.
Video transcript
[MUSIC PLAYING]
JULIE HYMAN: This is the closing bell on Wall Street. And now it's time to extend market dominance. Josh and I joined Jared Blikre to update you on the action from today's session.
Let's see where we ended up that day. In fact, near the lows of the session, we start with a Dow Jones Industrial Average of 68 points. Here you can see the price closing near the lows after hitting highs earlier in the session. Oh, let's call it maybe about 38,950, somewhere in that region.
The S&P 500 is also down about 2/3 and traded and closed, I should say, near the lows of the session. It previously hit an intraday record. The same was true for the NASDAQ Composite, which fell to the session's lows and gained 1.2%.
Now there's one thing I want to mention before I hand it over to Jared about what else moved today and that is what's going on with Bitcoin, which previously hit 70,000 and then crashed. But now it is trending up again and is back above 69,000. Of course, Bitcoin is not closing. It's always something to keep an eye on over the weekend, Jared.
JARED BLIKRE: Yes, Bitcoin never sleeps. And guess what? It closed today – I use this in scare quotes – at a record high. I say that because we don't have many – we don't have many record highs today.
The story goes on
But I'll take a look at the sector action for this week. That's every five days. Utilities significantly outperformed the 3.3% increase, ahead of the real estate market. These two interest rate-sensitive sectors rose the most. And we have material energy.
But the biggest losers from the downturn were the three sectors home to the mega-caps, the Mag Seven. That would be consumer discretionary, technology (XLK) and communications services (XLC). And you can see that if you look at the NASDAQ 100.
So it was a bad week for Tesla. Tesla lost 13.5%. This was one of the worst values of the week in the NASDAQ 100. Pinduoduo is also down here, also down 13%. Apple is down another 5%.
NVIDIA was able to achieve an increase of 6.4% on this day. But guess what, folks – excuse me for this week. However, for the day it was down 5.5%. Josh?
JOSH LIPTON: Yes, let's stick with NVIDIA. It's actually in the red today, Jared. Apparently the stock can fall every now and then.
Of course we'll keep an eye on it. It is up 265% in the last 12 months. This year it is already up about 80%. Of course, we know that optimism is growing about demand for its chips for AI computing.
By the way, this step did not scare analysts at all. More than 90% still think you should buy it. The big corporate AI conference is just around the corner. We'll wait and see what CEO Jensen Huang has to tell us, Julie.
JULIE HYMAN: Yes, and we just heard John Vinh from KeyBanc say that he still believes that the upcoming conference will be, as you say, a big catalyst for semiconductors. So we'll see what else they have to announce. By the way, NVIDIA withdrew today.
But I just look at the stocks here, the Philadelphia Semiconductor Index, every single member of that index fell that day. Overall, the decline was 4%. But just like NVIDIA, we've seen a sharp increase this year.
It recently traded at record levels. So today we have the retreat. Will it continue or will people see it as just another opportunity to jump right back in?
JOSH LIPTON: Yeah, I mean, the changes in these names were just extraordinary. And listen, we just heard an analyst saying he sees moves like this and you might get a little nervous.
JULIE HYMAN: Yes.
JOSH LIPTON: But we've also heard from a lot of bulls on this show, Julie, who say, listen, at the end of the day, they think demand looks strong for the end markets, the PCs and the servers. And they will argue that this AI party is just getting started.
JULIE HYMAN: They will argue that, and I think a lot of people believe them.
Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers
Comments are closed.