Stocks & Funds

US Stocks Plunge as Tech Giant Sells Off

US stocks fall

On Friday, US stocks finished lower after giving up earlier gains, capping a week of losses.Stocks of Apple and Amazon tumbled after Apple reported quarterly revenue declines.

The Labor Department’s July jobs report showed payrolls rose by 187,000, below expectations, but wages increased faster than expected, adding pressure on the Federal Reserve.

In the past week, the Dow fell 1%, the S&P 500 fell 2.3%, and the Nasdaq fell 2.8%.

As of Friday’s 4:00 pm ET closing bell, the following US indexes were in the green:

The S&P 500 closed at 4,478.03, down 0.53%

The Dow Jones Industrial Average closed at 35,065.62, down 0.43% (150.27 points).

The Nasdaq Composite fell 0.36% to 13,909.24

The following are other developments:

Commodity shipments from a key Black Sea port were halted after Ukraine attacked a Russian naval vessel.

As Robinhood’s active users decline, Alphabet sold 90% of its stake last quarter.

According to a new report, the US debt-to-GDP ratio could reach 181% by 2053.

After halving shareholder payments, Carl Icahn’s firm dropped 30%.

Redfin reports that mortgage payments have increased 19% over the past year.

Commodities, bonds, and cryptocurrencies:

Brent crude, oil’s international benchmark, gained 0.71% to $86.12. West Texas Intermediate crude rose 1% to $82.72 per barrel.

The price of gold fell by 0.05% to $1,941.14 per ounce.

Ten-year Treasury yields fell 14.5 basis points to 4.04%.

The price of Bitcoin fell 0.64% to $29,239.

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Editorial Director
I'm Shruti Mishra, Editorial Director @Newsblare Media, growing up in the bustling city of New Delhi, I was always fascinated by the power of words. This love for words and storytelling led me to pursue a career in journalism. In this position, I oversee the editorial team and plan out content strategies for our digital news platform. I am constantly seeking new ways to engage readers with thought-provoking and impactful stories.

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