The Nasdaq 100 Index fell into correction territory on Friday amid a deepening slump in the shares of technology giants that have powered the bull market for most of the past three years.
The tech-heavy benchmark fell 1.9% to close at 23,132.77, leaving the index down more than 11% from a peak in October.
» Read more about: Nasdaq 100 Sinks Into Correction as Big Tech Keeps Falling »
Artificial intelligence (AI) stocks have struggled in recent months, upset by a variety of elements. Investors have worried about the fast pace of AI spending, any negative economic data, and geopolitical turmoil, such as the war in Iran. These concerns have weighed on investors’ appetite for growth stocks — the stocks most vulnerable to such problems.
» Read more about: The Market Is Punishing This AI Stock. History Says That's a Mistake. »
The world’s leading memory stocks like Samsung, Micron Technology and Sandisk fell sharply this week after Google unveiled its new TurboQuant algorithm which significantly shortens AI memory requirements.
Micron dropped 7 percent while Sandisk plunged nearly 10% on Thursday. Samsung lost between 6-8 percent of its value at close on Friday.
» Read more about: Samsung, Other Tech Stocks Crash After Google Unveils 6x More Efficient AI Tool »
Every day, you may hear people talk about what the ‘market’ has done recently. So, what exactly is the market, and what are people referring to when they use this term? The answer may seem complex at first but will make much more sense as we take a deeper dive.
What people are usually referring to is the performance of an index.
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The Investment Committee debate how to trade this market with the Iran War uncertainty looming over stocks.
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Big Tech stocks came under pressure this past week as investors pulled back from some of the market’s biggest artificial intelligence winners. Higher bond yields, renewed inflation concerns, and sector-specific developments all added to the move lower.
The sell-off left the “Magnificent Seven” with more than $850 billion in erased market value over five trading days.
» Read more about: Magnificent Seven Stocks Lose $850 Billion as Big Tech Sell-Off Deepens »
JPMorgan pushed back emphatically on expectations of potential interest rate cuts in the back half of this year.
According to the bank’s head strategist, Oksana Aronov, we’re unlikely to see aggressive tightening in monetary policy, with economic growth sluggish and risks creeping up under the surface.
“The bar for hikes is quite high,
» Read more about: JPMorgan delivers blunt message on interest rate cuts »
