An early swoon shook the US stock market on Friday, as Nvidia, bitcoin, gold, and other high flyers swung on an increasingly antsy Wall Street. But the market quickly calmed. After starting the day with a sharp drop of 1.3%, the S&P 500 bounced around until the loss was essentially erased, the AP reports.
- The Dow fell 309.74 points, or 0.7%, to 47,147.48, finishing the week up 0.3%.
- The S&P fell 3.38 points, or 0.1%, to 6,734.11, closing out the week up 0.1%.
- The Nasdaq rose 30.23 points, or 0.1%, to 22,900.59, ending the week down 0.5%.
AI stocks were again at the center of the action, a day after dragging Wall Street to one of its worst drops since its springtime sell-off. Nvidia, which has become the face of the frenzy around artificial-intelligence technology, began the day with a loss of 3.4%. It then stormed back to a rise of 1.8% and yanked the market in its wake. Some have warned that the stock market could be primed for a drop because of how high prices have shot since April, leaving them looking too expensive. They pointed in particular to stocks swept up in the AI mania. Nvidia's stock has more than doubled in four of the past five years, for example, and the chip company is still up more than 40% for this year so far.
Even with sharp swings for the S&P 500 the past couple of weeks, the index that dictates the movements for many 401(k) accounts remains within 2.3% of its record set late last month. "Occasional market drops are the price of the ticket for the ride," said Brian Jacobsen, chief economist at Annex Wealth Management. Outside of tech, Walmart edged down 0.1% after saying CEO Doug McMillon will retire in January in a surprise move. It had been down as much as 3.6% in the morning. McMillon helped the retailer embrace technology.
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