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Live news: Nasdaq Composite notches first weekly drop in 2 months on flurry of tech results
US stocks started November on the front foot, but drops for several Big Tech stocks in recent sessions meant Wall Street’s main indices notched up weekly declines.
The S&P 500 ended 0.4 per cent higher on Friday, with the consumer discretionary, healthcare and tech sectors the benchmark index’s best performers, and utilities and energy among its worst. The Nasdaq Composite gained 0.8 per cent.
Shares of Big Tech companies had sizeable moves during the week, as several members of the Magnificent Seven reported results.
Amazon and Apple, which reported on Thursday afternoon, on Friday finished up 6.2 per cent and down 1.3 per cent, respectively. The varying fortunes of tech stocks may have had more of an influence over market direction today than the official jobs report for October, which was distorted by the impact of hurricanes and the Boeing strike.
Owing largely to a tech-led sell-off on Thursday, the Nasdaq Composite chalked up its first weekly decline in two months and the S&P 500 had its first back-to-back weekly drop since early August.