Nasdaq Logs Worst Week Since 2022

The S&P 500 and Nasdaq suffered their worst weeks in over a year

Deputy Editor
Apr 19, 2024 at 4:33 PM
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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. 

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5 Things to Know Today

  1. 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)
  2. 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) 
  3. Paramount Global in the midst of merger talks
  4. Semiconductor stock hits 52-week lows on downgrade. 
  5. Common mistakes when trading options, such as misallocation of capital. 

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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.  

 

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