Dow Jones Today: Market Performance Overview
Stocks recovered from session lows on Friday as optimism about ending the monthlong government shutdown partially offset weakness in tech stocks. However, all three major indexes ended a three-week winning streak.
Index Movements
- The Nasdaq Composite, dominated by technology stocks, fell 0.2% on Friday and finished the week down 3%, marking its worst weekly drop since President Donald Trump's 'Liberation Day' tariffs in early April.
- The S&P 500 edged up 0.1% Friday but closed the week 1.6% lower.
- The Dow Jones Industrial Average rose 0.1% on Friday, ending the week down 1.2%.
Tech Sector Highlights
Despite better-than-expected earnings from chipmakers Qualcomm and Arm Holdings, the Nasdaq declined sharply on Thursday, dropping nearly 2% as chip and other tech stocks faced selling pressure.
Labor Market and Economic Data
The Bureau of Labor Statistics did not release the October jobs report due to the government shutdown, now in its 38th day. Private data suggested the labor market remains fragile:
- Over 150,000 layoffs were announced by private employers in October, the highest for that month in over 20 years.
Investors are closely monitoring jobs data to gauge the Federal Reserve’s next interest rate move. With signs of a weakening labor market, Wall Street increasingly expects a third rate cut this year next month.
President Donald Trump's 'Liberation Day' tariffs caused significant market volatility earlier this year, affecting the Nasdaq's performance.
Author’s summary: Despite late-week rebounds, major indexes ended the week lower amid government shutdown uncertainties and signs of a weakening labor market affecting investor confidence.