All three of the major stock market indices (^DJI, ^IXIC, ^GSPC) end Friday’s session lower to close the week out. In its latest volatile swing, bitcoin (BTC-USD) ascended to a new all-time high above $70,000 earlier today before tumbling lower. Traveling a fast road to recovery, the crypto asset currently sits back above $69,000.
Yahoo Finance’s Julie Hyman highlights the day’s market activity while Jared Blikre reports on this week’s sector leaders over a five-day moving average.
Yahoo Finance Live co-host Josh Lipton takes a closer look at Nvidia (NVDA) shares after moving to the downside just one day after hitting another record high.
For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.
Editor’s note: This article was written by Luke Carberry Mogan.
Video Transcript
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JULIE HYMAN: That’s the closing bell on Wall Street. And now it’s Market Domination Overtime. Josh and I joined by Jared Blikre to get you up to speed on the action from today’s session.
Let’s see where we ended up on the day here. Near the lows of the session, in fact, we start with the Dow Jones industrial average off 68 points. You can see here closing near the lows after earlier in the session touching highs. Oh, let’s call it around 38,950 perhaps, somewhere in that region.
The S&P 500 down about 2/3 also, trading and closing, I should say, near the lows of the session. It earlier touched an intraday record. Same goes for the NASDAQ composite down at the lows of the session as well up by 1.2%.
Now, there’s one thing I wanted to mention before I toss it on over to Jared for what else moved today and that’s what’s going on with Bitcoin, which earlier touched 70,000, then came down. But now it’s trending up higher again and it’s above 69,000 once again. Of course, Bitcoin doesn’t close. It trades all the time so something to keep an eye on over the weekend, Jared.
JARED BLIKRE: Yes, Bitcoin never sleeps. And guess what? It closed– I’m using that in scare quotes– at a record high today. I say that because we don’t have many– we don’t have many record highs today.
But I’m going to take a look at the sector action for the week. This is all five days. Utilities really crushing it up 3.3% then real estate. So those two interest-rate-sensitive sectors up the most. And we have materials energy.
But the biggest losers to the downside, those were three sectors that housed the mega-caps, the Mag Seven. That would be consumer discretionary, tech which is XLK, and communication services XLC. And you can see this when you look inside the NASDAQ 100.
So it was a nasty week for Tesla. Tesla down 13.5%. That was one of the week’s worst in the NASDAQ 100. Also Pinduoduo down here at the bottom, also down 13%. Apple down another 5%.
NVIDIA managed to close up 6.4% for the day. But guess what guys– excuse me, for the week. For the day, the day however, down 5.5%. Josh?
JOSH LIPTON: Yeah, let’s stick there with NVIDIA. It’s actually in the red today, Jared. That stock can apparently go down once in a while.
Of course, we keep this in perspective. It’s up 265% over the past 12 months. It’s up about 80% already this year. Of course, we know that’s surging on optimism about demand for its chips used in AI computing.
That move, by the way, not spooking analysts one bit. More than 90% still think you should buy it. Companies’ big AI conference is on deck. We’re going to wait and see what CEO Jensen Huang has to tell us, Julie.
JULIE HYMAN: Yeah, and we just heard John Vinh of KeyBanc saying that he still thinks that’s going to be a big catalyst for semiconductors that a conference is coming up, as you say. So we’ll see what else they have to announce. By the way, NVIDIA pulling back today.
But I’m just looking at the stocks here the Philadelphia Semiconductor Index, every single member of that index fell on the day. It was off overall by 4%. But to your point, just like with NVIDIA, we’ve seen it rise a lot this year.
It was recently trading at records. So we’ve got the pullback today. Will it keep going or will people just see it as another opportunity to step right back in?
JOSH LIPTON: Yeah, I mean the moves in these names have just been extraordinary. And listen, we just heard an analyst who said he see moves like that and you get maybe a little bit nervous.
JULIE HYMAN: Yeah.
JOSH LIPTON: But we’ve also heard from plenty of bulls, Julie, on this show who say, you know, listen, at the end of the day, they think demand for the end markets, the PCs, the servers look strong. And they’ll argue this AI party is just getting started.
JULIE HYMAN: They will argue that and I think a lot of people believe them.