The Dow Jones New York Stock Exchange index closed lower on Friday (March 15), led by large technology stocks that have helped the market soar this year. As investors consider the interest rate outlook ahead of the Federal Reserve’s (Fed) meeting next week.
The Dow Jones Industrial Average closed at 38,714.77 points, down 190.89 points or -0.49%, the S&P 500 index closed at 5,117.09 points, down 33.39 points or -0.65%, and the Nasdaq index closed at 15,973.17 points, down 155.36 points or -0.96%.
This week, all 3 indices dropped slightly. The Dow lost 0.02%, the S&P 500 lost 0.1% and the Nasdaq lost 0.7%.
Traders are lowering their expectations. The Fed will cut interest rates in June. After the United States revealed higher-than-expected inflation data
Adobe shares fell 13.7% after second-quarter revenue forecast fell short of analysts’ estimates. It noted weak competition and demand for artificial intelligence (AI)-based photography, illustration and video software.
Technology stocks in the S&P 500 index fell 1.3% after Microsoft fell 2.1% and were among the biggest drags on the index.
The semiconductor stock index fell 0.5% on Friday, posting its biggest weekly percentage loss since early January.
As for important US economic data released on Friday, University of Michigan released survey results indicating that The US Consumer Confidence Index dropped to 76.5 in March, falling short of analysts’ expectations of 77.4 and down from 76.9 in February.
The Fed revealed on Friday that Total U.S. industrial production rose 0.1% month-on-month in February after falling 0.5% in January, but year-on-year. Industrial production fell 0.2% in February.
Investors will be watching India’s GTC developer conference on March 18-21 for AI chip announcements.
In addition, the market will keep an eye on the Fed meeting next week. To find indications about the trend of interest rate cuts
2024-03-15 23:32:06
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