US stock market indexes close in red, S&P 500 sees worst week since March. Check performance of top shares

S&P 500, Nasdaq composite, and Dow Jones fell on Friday as US stock market indexes were hit by technology company's shares. A highly anticipated update on the U.S. job market came in weak enough to add to worries about the economy.

The S&P 500 dropped 1.7 per cent to close out its worst week since March 2023. Broadcom, Nvidia and other tech companies led the market lower as worries continue that their prices soared too high in the boom around artificial intelligence, and they dragged the Nasdaq composite down by a market-leading 2.6 per cent. The Dow Jones Industrial Average dropped 410 points, or 1 per cent, after erasing a morning gain of 250 points.

S&P 500 fell 94.99 points to 5,408.42. The Dow dropped 410.34 to 40,345.41, and the Nasdaq composite lost 436.83 to 16,690.83.


Despite its dismal week, the S&P 500 remains just 4.6 per cent below its all-time high set in July. It’s also still up 13.4 per cent for 2024 so far, which counts as a good year.

Broadcom tumbled 10.4 per cent despite reporting profit and revenue for the latest quarter that were above analysts’ forecasts, thanks in part to AI. The chip company said it expects to make $14 billion in revenue this quarter, which was slightly below analysts’ expectations of $14.11 billion, according to FactSet.

Other chip companies also fell, including a 4.1 per cent drop for Nvidia. After soaring earlier this year as its revenue surged on the AI frenzy, Nvidia’s stock has been shaky since mid-July as investors question whether they took it too high. That’s even though Nvidia has continued to top analysts’ expectations for growth.

On the winning side of Wall Street was U.S. Steel, which rose 4.3 per cent after the CEO of rival Cleveland Cliffs told MSNBC that his company would still be interested in acquiring U.S. Steel if the White House were to block its proposed sale to Japan’s Nippon Steel.

FAQs

Q1. How has S&P 500 performed?
A1. S&P 500 dropped 1.7 per cent to close out its worst week since March 2023. S&P 500 remains just 4.6 per cent below its all-time high set in July. It’s also still up 13.4 per cent for 2024 so far, which counts as a good year.

Q2. What are US stock market indexes?
A2. US stock market indexes are S&P 500, Nasdaq composite, and Dow Jones.