The main Wall Street indicators ended the week with losses close to 2%, dragged down by the poor performance of companies in the technology sector, while they await the next decision from the United States Federal Reserve (Fed) regarding the interest rate.
In detail, the Nasdaq index and the S&P 500, in which large technology companies are listed, lost a cumulative 2.6% and 2.5% respectively. Both are in correction territory: 10% below their last maximum, which according to analysts suggests several months of recovery. The Dow Jones fell 2.1% on the week.
Likewise, firms such as Apple, Microsoft, Alphabet, Amazon, Nvidia, Tesla and Meta lost US$1.2 trillion together from their July peaks, and Alphabet, Google’s parent company, fell 10% in value.
The oil company Chevron, of 13%, and the automobile company Ford, of 14%, also registered strong weekly falls.
It all happened in a week when The United States GDP grew 1.2% in the third quarter and at an annualized rate of 4.9%, moving away from the slowdown.
Source: Larepublica
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