Wall St edges lower as volatile week draws to a close
Wall Street’s main indexes capped off a tumultuous week where global markets were rattled and fears of a recession in the world’s biggest economy.
Wall Street’s main indexes capped off a tumultuous week where global markets were rattled and fears of a recession in the world’s biggest economy.
Wall Street somewhat rebounded from a disaster on Tuesday, as main stock indexes grew over 1%. Investors searched for bargains after a global stock selloff and panic of a possible recession occurred on Monday.
Data showed the U.S. economy expanded 2.8% in the second quarter versus estimates of 2%, but inflation subsided, leaving intact expectations of a September rate cut.
Wall Street’s main indexes fell on Friday, while investors assessed the impact of a global cyber outage that knocked down CrowdStrike’s shares to an over two-month low.
The Nasdaq and the S&P 500 hit record highs on Wednesday as strength in Nvidia and other mega stocks supported Wall Street’s winning streak.
Wall Street’s main indexes were mixed on Wednesday, with technology stocks attempting to find a floor after recent selloff.
Nvidia short sellers have raked in nearly $5 billion in paper profits from the AI chip designer’s sharp selloff over the past three sessions.
The benchmark S&P 500 touched a record high on Thursday, boosted by strong gains in Nvidia.
Nvidia dethroned tech heavyweight Microsoft as its high-end processors play a central role in a scramble to dominate AI technology.
Harry Dent, the outspoken financial author and economist, is not reversing course from his bold “crash of a lifetime” declaration from this past December.