Market Summary
Tech Wreck: A massive software glitch caused widespread disruptions, impacting flights, healthcare, and businesses globally. CrowdStrike's software update is blamed for the outage.
Tech stocks plummeted, with the sector losing over 1%.
CrowdStrike shares dropped significantly.
Earnings Season: Next week brings crucial earnings reports from tech giants (Alphabet, IBM, ServiceNow, Texas Instruments) and other major companies (Tesla, Visa, General Motors, Ford, Lockheed Martin).
Volatility is expected due to high investor expectations for tech stocks and potential political impacts.
Economic Indicators:
The S&P 500 dropped 0.7%, marking its worst weekly performance in three months.
The Dow Jones Industrial Average slipped 0.9%.
The Nasdaq Composite fell 0.81%, losing 3.65% for the week.
The 10-year Treasury note yield rose to nearly 4.24%.
The Cboe Volatility Index surged to a two-month high.
Market Outlook:
Geopolitical tensions and the upcoming U.S. presidential election contribute to market uncertainty.
Potential Federal Reserve rate cuts could benefit small-cap and cyclical companies.
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