Dow tumbles 500 points as Wall Street sells off Big Tech
CNN
US stocks tumbled Friday, heading for a down week despite a year of historic highs.
US stocks tumbled Friday, heading for a down week despite a year of historic highs. The Dow was lower by around 450 points, or 1%, in early-afternoon trading, the S&P 500 lost 1.4% and the Nasdaq Composite was down by 1.9% after a selloff in Big Tech stocks. Shares of Tesla (TSLA) fell by around 4.5%, while Amazon (AMZN), Alphabet (GOOG), Microsoft (MSFT)and Nvidia (NVDA) were all lower by around 2%. The “Magnificent Seven” group of high-performing tech stocks — Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia and Tesla — has accounted for more than half of the gains so far this year as they benefit from intense investor focus on ways to play the artificial intelligence boom, according to S&P Dow Jones Indices. Analysts have long cautioned that the market’s reliance on a handful of names exposes the stock market to potential trouble, should the group stumble. “If a few of these companies fail to beat an elevated bar for positive surprises, there is a risk they would also fall together,” said Keith Lerner, chief market strategist at Truist Wealth. “I would prefer a broader market, where mega cap growth stocks do well and other segments are also doing well. So if one area falters, another segment picks up the baton.” Bitcoin’s tremendous late-year rally also fizzled, as traders looked to profit taking. The cryptocurrency plunged to around $93,900 Friday after topping $106,000 earlier this month on hopes that President-elect Donald Trump will usher in a crypto-friendly administration when he returns to the White House next month.
Every day brings a new complaint — or three — from the Trump administration about the American news media’s coverage of the Iran war.
Traffic through the strait, normally the conduit for a fifth of global oil output, has been severely curtailed since the start of the Iran conflict. But Iran itself is shipping oil through the waterway in almost the same volumes as before the war, earning the cash needed to sustain its economy and war effort.
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The price of oil rose to its highest level since July 2022 Sunday evening as the Trump administration suggested the war with Iran could last several more weeks and President Donald Trump called on the international community for help reopening the Strait of Hormuz to oil tankers.
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The worst global oil crisis in decades could become a major problem for the Federal Reserve, whose policymakers meet this week to determine the next moves for the US economy.
President Donald Trump’s attack dog atop the FCC, Brendan Carr, garnered lots of attention on Saturday for threatening the licenses of local broadcasters over news coverage he deemed to be “fake.”
The first of the month can create anxiety for millions of renters across America.
US economic growth was even weaker than previously reported at the end of last year heading into President Donald Trump’s war with Iran.
Part of the pitch for using AI at work goes like this: It’s like having a team of people to delegate your grunt work to, freeing you up to think strategically and maybe, just maybe, take a long lunch or head home early. Or maybe even be more productive, to make more money. It’s a nice idea!
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The efforts to mitigate an global oil shortage did little to dampen the rise in crude prices
Buzzfeed, the digital media company that took the mid-2010s by storm, said on Thursday it has “substantial doubt” about its ability to continue as a business.