US markets end mostly lower on Friday

20 Apr 2024 Evaluate

The US markets ended mostly lower on Friday as Israel launched retaliatory against attacks on Iran. Nasdaq settled over cut of 2% reflected a nosedive by shares of Netflix (NFLX), with the streaming giant plunging by 9.1 percent. Netflix came under pressure after reporting better than expected first quarter results but providing disappointing revenue guidance. AI darling Nvidia (NVDA) also plummeted by 10.0 percent on the day, contributing to significant weakness in the semiconductor sector. Reflecting the weakness in the sector, the Philadelphia Semiconductor Index dove by 4.1 percent to its lowest closing level since early February. Considerable weakness among computer hardware stocks also weighed on the Nasdaq, with the NYSE Arca Computer Hardware Index tumbling by 3.7 percent to its lowest closing level in well over a month.

Outside of the tech sector, retail stocks also came under pressure on the day, dragging the Dow Jones U.S. Retail Index down by 1.5 percent. Meanwhile, the Dow benefitted from a notable advance by shares of American Express, with the financial services giant surging by 6.2 percent. The jump by American Express came after the company reported first quarter results that exceeded expectations on both the top and bottom lines. Banking stocks also turned in a strong performance on the day, driving the KBW Bank Index up by 2.9 percent. An increase by the price of crude oil also contributed to strength among energy stocks after Israel launched retaliatory strikes against Iran.

Nasdaq fell 319.49 points or 2.05 percent to 15,282.01 and S&P 500 was down by 43.89 points or 0.88 percent to 4,967.23, while Dow Jones Industrial Average rose 211.02 points or 0.56 percent to 37,986.40.