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Apr 19 | Daily Finance News

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U.S. STOCK PICKS

Closing: 4:00 PM EST

  • The Nasdaq Composite fell for a sixth straight session on Friday, notching its longest losing streak in more than a year. The downtrend comes as Nvidia dived, adding to recent market woes tied to geopolitical conflicts and sticky inflation.
  • The tech-heavy Nasdaq pulled back 2.05%, while the broad S&P 500 slipped 0.88% to below the 5,000 level. Both were poised for their sixth straight negative days, streaks not seen for either since October 2022.
  • The Dow Jones Industrial Average rose 211.02 points, or 0.56%, lifted by a rally of more than 6% in American Express following earnings.
  • Netflix retreated more than 9% even after quarterly earnings beat on the top and bottom lines. The streamer’s subscribers jumped 16% from the previous year, but it said it would no longer report paid memberships starting in 2025.
  • Chip stocks Nvidia and Super Micro Computer were also under increasing pressure in afternoon trading, a sign that investors were rotating heavily out of the sector that led the bull market. The artificial intelligence darlings dropped 10% and 23%, respectively. Nvidia registered its worst day since March 2020.
  • While tech put downward pressure on the market, investor concerns over intensification of the Middle East conflict following Israel’s limited strike on Iran appeared largely shaken off by Friday’s open.
  • Tesla recalls Cybertruck over ‘trapped pedal’ issue seen in owner’s viral TikTok video.
  • Lululemon to shutter Washington distribution center, lay off 128 employees after tripling warehouse footprint.
  • Fed’s Goolsbee says ‘more sniffing’ may be needed before rate cuts.

*All information sourced from news portals such as CNBC, Yahoo Finance, Reuters, etc.

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