All three major benchmarks added to their weekly losing streaks
The Nasdaq and S&P 500 marked six-straight losses today, as well as their worst weekly performances since Nov. 2022 and Mar. 2023, respectively. Netflix (NFLX) and Nvidia's (NVDA) losses helped drag the Nasdaq to a 319-point daily deficit -- its largest net drop since January. The Dow managed a triple-digit win for the session, inching into the black for the week with just a 3-point weekly gain, while the S&P 500 marked its third-straight week in the red, and the Nasdaq its fourth.
Continue reading for more on today's market, including:
- Behind Netflix stock's bear gap.
- Software name running into pressure on the charts.
- Plus, entertainment name soaring; chip stock hits fresh yearly low; and 10 options trading mistakes to avoid.
5 Things to Know Today
- The 'magnificent seven' erased a collective $934 billion from their market capitalizations so far this week, the biggest ever from the group, in part due to Nvidia (NVDA). (MarketWatch)
- The U.S. House of Representatives advanced a bill that would give aid to Ukraine, Israel, and Taiwan, with a provision that could ban China-based social media platform TikTok. (Bloomberg)
- Paramount Global in the midst of merger talks.
- Semiconductor stock hits 52-week lows on downgrade.
- Common mistakes when trading options, such as misallocation of capital.
Oil, Gold Mark Gains Amid Middle East Tension
Following escalation in Middle East tension, oil finished with soft gains on the day, but still shed 2.9% for the week. May-dated West Texas Intermediate (WTI) rose 41 cents, or 0.5%, to settle at $83.14 a barrel for Friday.
Gold prices rose for a fifth-straight weekly rise. June-dated gold futures rose 0.7% higher to settle at $2,413.8 per ounce.