Wall Street Eyes Worst Week In 3 Months As Tech Sector Falters; Oil Falls, Bitcoin Hits 1-Month Peak: What's Driving Market Friday?

Zinger Key Points
  • Wall Street is set to close the week in the red, with all major indices trading in negative territory at midday.
  • Bitcoin sees bulls charging back, with the largest cryptocurrency rallying 3.9% to the highest price in a month.

Wall Street is poised to close the week in the red, with all major indices trading in negative territory at midday in New York, as broader sentiment remains weak following a temporary tech outage caused by a cloud software update from CrowdStrike Holdings Inc. CRWD that led to widespread disruptions across several sectors worldwide.

The S&P 500 index is down 0.6% as of 12:50 p.m. ET, extending its weekly decline to 1.8%, marking its worst week since April.

The tech-heavy Nasdaq 100 is underperforming the broader market, down 1%, reflecting general weakness in the technology sector and bringing its weekly loss to 3.9%, also the worst in three months.

The Dow Jones is also affected by Friday’s weak sentiment, down 0.9%, though it still maintains in marginally positive territory for the week.

The small caps of the Russell 2000 index are down only 0.4%, poised to secure another week of relatively better performance compared to large caps.

Treasury yields are rising by a few basis points across the curve, with long-dated bonds — as tracked by the iShares 20+ Year Treasury Bond ETF TLT — breaking a two-week streak of gains. The dollar ticked higher by 0.1%, while gold fell by 0.4%.

Among commodities, oil is down 1.8%, with WTI light crude falling to $80 a barrel, its lowest level in a month.

In cryptocurrencies, Bitcoin BTC bulls are charging back, with the largest cryptocurrency rallying 3.9%, returning to $66,000, its highest level in a month.

Friday’s Performance In Major US Averages, ETFs

Major Indices & ETFsPrice1-day %
Russell 20002,280.98-0.4%
S&P 5005,509.25-0.6%
Dow Jones40,283.08-0.9%
Nasdaq 10019,514.70-1.0%
Updated at 12:50 p.m. ET

According to Benzinga Pro data:

  • The SPDR S&P 500 ETF Trust SPY was 0.6% lower to $549.53.
  • The SPDR Dow Jones Industrial Average DIA fell by 1% to $402.82.
  • The tech-heavy Invesco QQQ Trust (ARCA: QQQ) fell 0.8% to $475.87.
  • Sector-wise, the Health Care Select Sector SPDR Fund XLV outperformed, up by 0.4%, while the Technology Select Sector SPDR Fund XLK lagged, down 1.3%.

Friday’s Stock Movers

  • Shares of Crowdstrike Holdings Inc. CRWD tumbled 11%, slightly trimming heavier pre-market losses. Industry peers like SentinelOne Inc. S and Palo Alto Networks Inc. PANW, rose 8% and 2.5% respectively.
  • Hawaiian Electric Industries Inc. HE rallied over 30% on reports following a report suggesting the company reached a settlement plan over last year’s Maui wildfires.
  • Comerica Inc. CMA plummeted 11% on weaker-than-expected outlook on net interest income, despite reporting stronger-than-expected results last quarter. The company also announced it will no longer serve as the financial agent for the U.S. Treasury Direct Express Prepaid Debit Card program.
  • Other stocks reacting to company earnings were Netflix Inc. NFLX down 1.1%, Intuitive Surgical Inc. ISRG up 8%, PPG Industries Inc. PPG down 3.7%, Western Alliance Bancorp. WAL, up 8%, American Express Co. AXP, down 3.4%, Schlumberger N.V. SLB up 3.3%, The Travelers Company TRV down over 7%, Halliburton Co. HAL, Huntington Bancshares Inc. HBAN, up 2.3%.
  • Crypto-linked stocks like Microstrategy Inc. MSTR, Coinbase Global Inc. COIN, and Riot Platforms Inc. RIOT rose 11.8%, 9.5% and 9.4%, respectively, as Bitcoin rallied.

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Photo via Shutterstock.

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