Tech Tumble Pushes Nasdaq, S&P 500 to Steep Weekly Losses
OpenAI’s IPO pushback weighed heavy on sentiment today
Stocks finished lower as the beaten-down tech sector extended losses. Chip stocks struggled after a report revealed that OpenAI is considering pushing back its IPO due to rising infrastructure costs for AI. The Dow gave back midday gains to finish modestly lower, though it still managed to eke out a third-straight weekly win. The S&P 500 and Nasdaq both capped the day near breakeven and each logged a weekly loss — the latter’s worst week since June 5.
Continue reading for more on today’s market, including:
- Unpacking this week’s tech selloff, victims, and bystanders.
- Quantum computing stock boasting multiple lines of support.
- Plus, which space stock just launched; FDX gets dragged; the correlation between interest rates and tech sensitivity.
5 Things to Know Today
- Trump alleges Iran breached the ceasefire with Strait of Hormuz drone attacks. (CNBC)
- Former Trump adviser John Bolton accepts plea deal over classified information mishandling. (Reuters)
- Rocket Lab landed a boost off a new NASA partnership.
- FedEx spinoff dragged its parent stock lower.
- How interest rates and tech sensitivity coincide.
There were no earnings of note today.
Oil Extends Slide, Suffers Big Weekly Drop
Oil prices continued to fall as Iran tensions heightened off the back of an attack near the coast of Oman in the Strait of Hormuz. July-dated West Texas Intermediate (WTI) dropped 3.6%, to finish at $69.34 a barrel for the day and down 10.5% for the week.
Gold futures rose as the U.S. greenback slid and inflation data eased U.S. interest rate hike fears. August-dated gold futures rose 1.2%, last seen at $4,096.30/oz for the session, and lost 2.2% on the week.