Tech Gains as Dow Caps Worst Week in Six Months
Market & SentimentThe Nasdaq 100 rose 0.63% while the S&P 500 slipped 0.12% and the Dow fell 0.48%, capping its worst week in six months amid elevated yields and oil. Breadth was weak: only 150 advancers against 342 decliners, with just 28.8% of stocks above their 50-day average and 33 new lows versus 2 highs. The market temperature score of 25 signals a cold, risk-off backdrop.
Sectors & StocksInformation technology led with a 0.75% gain, followed by industrials at 0.44%. Utilities and materials lagged, down 1.41% and 1.1%. Sandisk surged 10.99% on its upcoming index inclusion, while Lam Research and Applied Materials jumped 6.98% and 6.51% as chip equipment names broke away. Qualcomm dropped 5.82%, and Netflix fell 4.67% after a Wells Fargo downgrade on engagement worries.
Rates, FX & CryptoTreasury yields climbed across the curve, with the 2-year up 9bp to 4.76% and the 10-year up 7bp to 5.01%, steepening the 2s10s spread to 25bp. The dollar strengthened, pushing USD/CNY down 0.15% to 6.6976 and EUR/USD down 0.18% to 1.146. Bitcoin jumped 6.01% to $81,273 and Ethereum rose 6.73% to $2,622, signaling renewed risk appetite in crypto.
Earnings & AnnouncementsFinDog moved Dell Technologies from Neutral to Bullish. Disney named its first chief technology officer as it expands its tech push. Warren Buffett stepped down as Berkshire Hathaway chairman after 56 years. Coca-Cola committed $10 billion to U.S. infrastructure through 2030, and Costco expanded same-day delivery via DoorDash and Uber. JPMorgan expects investment banking fees and markets revenue to rise mid-to-high teens in Q3.
- Next trading day: no major earnings; focus on yields and oil.
- Fed speakers and any inflation data updates.
- Crypto strength and its spillover into risk sentiment.
- The Dow fell sharply this week as elevated Treasury yields and soaring energy costs weighed on equities, with an interest rate hike and inflation concerns pressuring the index.
- Oil prices fell after China requested Iran limit Houthi attacks on Saudi oil facilities, easing supply disruption fears that had driven energy costs higher.Reuters09-18 01:01 UTC
- President Trump signed a Russia sanctions bill into law, potentially escalating geopolitical tensions and affecting energy and commodity markets.Reuters09-18 22:20 UTC
- Russia placed Nestle's local assets under temporary external administration as the Kremlin tightens its grip on Western assets, raising risks for multinationals operating in Russia.CNBC09-18 11:28 UTC
- Wells Fargo downgraded Netflix to Underweight and cut its price target to $57, citing worrying engagement trends. The stock fell 4.67% on the news.
- Anthropic announced a partnership with Accenture on AI safety evaluations, sending Accenture stock higher despite a Guggenheim downgrade earlier in the day.
- Warren Buffett stepped down as Berkshire Hathaway chairman after 56 years, further removing himself from management. Investors will watch how the transition affects the conglomerate.
- Coca-Cola plans to invest $10 billion in U.S. infrastructure from 2026 through 2030, reinforcing its manufacturing, distribution, and bottling network in a key market.
- JPMorgan expects investment banking fees and markets revenue to rise mid-to-high teens percentage in Q3, according to co-President Doug Petno, signaling a rebound in Wall Street activity.
- Disney hired a chief technology officer, a newly created role, as the media giant expands its technology push under CEO Josh D'Amaro.
Stories are selected and summarized by AI from the day's news coverage. Click a headline to read the original. Not investment advice.