Several tek shares were among the most heavily traded stocks on the US stock market on Friday, but most of them fell. Shareholders of Sofi Technologies experienced a sharp drop in share price of ten percent. At Palantir Technologies, Microsoft, Apple and Amazon, market values also fell, in some cases significantly, during the trading day.
However, higher prices for Nvidia and Tesla helped keep the Nasdaq benchmark higher for part of the trading day.
Just before closing time, the stock market soured, and this is what it looked like when stock exchanges closed in the US:
- The broad S&P 500 moved from gains to declines, ending 0.4% lower.
- Similarly, the heavy Dow 30 index also fell by 0.3 percent within a quarter of an hour.
- The Nasdaq 100 index of technology stocks fluctuated to another price drop, this time by 0.7 percent.
New 2000 or 2008?
The S&P 500 rose 2.7 percent from Monday to Friday. On the last day of the week, the Central Broad Market Index in pre-trading is set to rally again. The S&P 500’s best week this year was in March, when it rose 3.5 percent.
The S&P 500 rose for six straight days before Friday’s plunge. Equity investors thus defied fears that the Fed’s signals about future interest rate hikes might give out. However, not everyone is so optimistic. Because despite the fact that the S&P 500 is technically in a bull market, Bloomberg points to Bank of America CEO Michael Hartnett’s remarks:
This is not the beginning of a shiny new bull market. Today’s market looks more like it did in 2000 or 2008 with a big rally before the big crash.
Harnett refers to himself as a bearish type, which indicates that he believes in a market downturn. He believes that the fact that he was wrong earlier this year is due to the fact that the US avoided a recession and that there was no credit crunch in the market. Moreover, neither he nor other bear enthusiasts could predict that tek stock would return as much as they did.
Popular cruise reviews?
This week, technology and cruise stocks in particular were trading heavily on the US stock market. On Monday, there were several positive stock recommendations for cruise lines. Carnival and Norwegian Cruise Line were subsequently hiked, with Carnival’s share price up at most less than 15 percent on Monday. The stock closed its trading last week at a price of $13, and was traded on Thursday at more than $16.
Friday started with a surprising rally for Carnival shareholders, but the price hike fizzled out in less than half an hour. The Carnival rate ended the week down 2%.
Norwegian Cruise Line and Royal Caribbean Cruises (RCL) also rose usefully this week, but both stocks responded similarly to Friday’s Carnival. The rapid rise was erased after half an hour. The two shares fell by 2.2 and 0.6 percent, respectively.
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