Nasdaq posts worst weekly loss since March as tech stocks extend declines

Stocks ended mixed on Friday as the three major indices struggled to find their footing after a week of volatility. The Nasdaq posted its worst weekly loss since March. The S&P 500 and Dow eked out gains during the session, but each still logged losses on the week.

stock chartEmily McCormick for Yahoo Finance:

The Nasdaq sank 0.6% Friday, as the index was pressured by an ongoing rout in some of their most heavily weighed big tech shares. Apple and Amazon shares each dropped more than 1%.

The losses brought the Nasdaq’s weekly decline to 4% – its worst since March. The S&P 500 sank more than 2% on the week, and the Dow fell more than 1.5%.

Here’s where the three major indices settled at the end of regular trading Friday:

• S&P 500: +1.78 points (+0.05%) to 3,340.97
• Dow: +131.06 points (+0.48%) to 27,665.64
• Nasdaq: -66.05 points (-0.6%) to 10,853.54

MacDailyNews Take: Until there is some clarity after the U.S. election, please fasten your seatbelts as there’s much turbulence ahead.

10 Comments

  1. Biden has promised to raise the capital gains tax to 35%. Get ready for the great 2020 sale off to before new tax laws land.

    Trump wins and AAPL bust 200 share in 6 months. Get your bets in and roll the dice.

    1. Cite your sources.

      Also, NOBODY PAYS MARGINAL TAX RATES.

      Also, at some point the $3.3 trillion deficit needs to be covered.

      Also, Apple’s stock prices have practically nothing to do with US tax rates since its worldwide operations move money all over the place, significantly in China, Ireland, Netherlands, Jersey Islands, and Cayman. Orange man ensured large multinationals can continue to do whatever they want under the cover of supposed Phase 2 negotiations / saber rattling with Chyyyyyna that have gone nowhere.

      But you knew that.

      1. The deficit does not need to be covered in any case but especially by saddling the lower classes with higher taxes. Besides, taxes do not pay for any fed. gov. expenditures anyway.

  2. The Nasdaq sank 0.6% Friday, as the index was pressured by an ongoing rout in some of their most heavily weighed big tech shares. Apple (AAPL) and 123hp Amazon shares each dropped more than 1%.

  3. On May 1st, Elon Musk stated that Tesla stock was “overvalued.” Shortly thereafter, Tesla stock went on a tear increasing by 3.5 times. By the post-split value, it went from $140 on May 1st to $498 on August 31st . . . Along with Apple’s growth, it is fair to say that this is ‘not normal’ behavior of the stock market . . . Thus, as stock prices currently fall, when Wall Street ‘journalists’ use words like “ongoing rout” or “X company lost billions of dollars in value” it is misleading, since the language doesn’t take into account the outrageous growth that took place in the months before this reset.

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