Stocks tumble with Nasdaq 100 posting largest weekly loss since April tariff selloff |
The ongoing Mideast war continues to leave investors jittery and unwilling to hold stocks over the weekend. The S&P 500, Nasdaq 100, and Russell 2000 all suffered heavy losses on Friday, with the tech-heavy gauge down nearly 2% as front-month West Texas Intermediate futures climbed toward $100 per barrel. Since the initial US-Israeli strikes against Iran, the final two trading days of the week have been the worst for the S&P 500, with the steepest drops coming on Friday. Traders have tended to build in a risk premium ahead of the weekend — when they'd be unable to react to any potential escalation in the war — before reversing some of that move at the start of the next week. Moving higher: |
- Energy shares continue to benefit from rising crude oil prices, with gas driller APA Corporation, oil field services company Halliburton, and integrated giant Exxon gaining.
- Consumer staples stocks such as Campbell's, Altria, Kraft Heinz, and McCormick rallied as traders flocked to a sector known for relative safety during rough economic periods.
- Entergy rose after making a deal with Meta to fund the creation of seven natural gas-fired power plants. The news also boosted other AI-linked utilities plays, including Constellation Energy, Vistra, and NRG.
- Argan spiked on a massive Q4 sales beat after reaching "substantial completion" on its Trumbull Energy Center project early.
- Unity Software rose following strong Q1 preliminary results and news it will exit its nonstrategic ad business.
- Peloton jumped after EMJ Capital's Eric Jackson said he was long the fitness company at $4.
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- Cyber stocks Palo Alto Networks, CrowdStrike, Cloudflare, Fortinet, Zscaler, and Okta plunged after a leaked document stirred concern that Anthropic's new model will enable indefensible online attacks.
- Crypto, which had shown some resiliency to the general market downturn, turned sharply negative on Friday, with bitcoin sinking and altcoins from ethereum to XRP roundly suffering
- Consumer discretionary stocks sank. Cruise lines Norwegian, Royal Caribbean, and Carnival all fell. Less oil-exposed bellwethers like Airbnb, DoorDash, and Starbucks also slipped.
- Fundrise Innovation Fund plummeted for the second session in a row amid valuation gap concerns.
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