Chip Sector Struggles to Recover as Stocks Stall, Dollar at 7-Week Peak: Market Analysis on Friday - SPDR Dow Jones Industrial Average ETF (ARCA:DIA)
Money | June 22, 2024, 9:13 p.m.
Wall Street saw a quiet trading day on Friday despite the “triple witching” expiring over $5.1 trillion in options exposure, a record high. Chipmakers are struggling post sell-off, especially Nvidia Corp. down 1.6%, breaking an eight-week winning streak. Biotech stocks outperformed, with the iShares Biotechnology ETF up 1.9%. Treasury yields were stable at 4.26%. S&P Global reported strong U.S. private sector growth, exceeding expectations. Gold fell 1.4%, Bitcoin down 1.8%, and oil prices dipped below $81 per barrel. Major indices remained steady, with the Russell 2000 and Dow Jones flat, while the S&P 500 and Nasdaq 100 dipped slightly. Stock movers include Serepta Therapeutics Inc. soaring over 30% and Hertz Global Holdings Inc. rising 14% after a bond offering increase. FactSet Research Systems Inc. rose 4% post earnings report, while CarMax Inc. was up 1%.