It was the red numbers that dominated the end of trading in New York on the last day of the week. In general, the US stock market is down this week.
Stock traders at work on the New York Stock Exchange last week.
New interest rate expectations from the Federal Reserve and new concerns about the variable corona omicron marked the week on Wall Street. The New York Stock Exchange is closed on Friday. This is what it looks like for the three main indicators:
- The Dow Jones Industrial Average fell 1.48 percent
- The Nasdaq is down 0.07 percent
- The S&P 500 fell 1.03 percent
Friday’s trading was characterized by significant volatility. Throughout the entire week, all three indices fell. Nasdaq is the biggest loser with a decrease of 3 percent. Technology stocks had a rough time, especially in the latter part of the week.
On Friday, shares of Apple fell 0.65 percent, while shares of Amazon rose 0.68 percent, and Tesla rose 0.6 percent.
Stocks started lower today, and have been swinging ever since.
On the other hand, Microsoft stock fell 0.34 percent.
The effect of fat persists
On Friday, several European stock exchanges fell. The Oslo Stock Exchange ended the day down 0.78 percent.
The development comes after tech stocks fell on Thursday.
The tech-heavy Nasdaq had its worst day since September on Thursday, dropping 2.47 percent.
The results came after the US Federal Reserve held an interest rate meeting on Wednesday evening. After that, the central bank announced a sharp decrease in monthly support purchases of securities. The cuts are worth $30 billion a month, starting in January.
Fall on the electric car share
Electric car maker Rivian, which went public in November of this year, fell 10.26 percent Friday night.
This decline comes after news that the company will produce a few hundred fewer cars than planned, yet will not be able to meet the production target of 1,200 electric cars in 2021, according to the CNBC.
However, Rivian’s price is up more than 20 percent so far this year. They went public at $78 per share. Friday, that price is $96.85.
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