The US stocks closed on a downtrend this Friday, extending losses amid persistent concerns over inflationary pressures. Another hotter-than-expected inflation report fueled fears of tighter monetary policy, overshadowing positive economic indicators.
The S&P 500 index finished at 5,007.26, down 22.47 points or 0.45%, contributing to a weekly decline of 0.38%. Similarly, the Dow Jones Industrial Average (DJIA) dropped 148.08 points or 0.38% to 38,625.04, resulting in a 0.12% weekly decrease.
Over on the NYSE, the NYSE Composite (NYA) dipped 0.11% to 17,415.57, but managed to close the week with a modest gain of 0.81%. The NASDAQ Composite (COMPX) suffered a more pronounced decline, shedding 0.75% to 15,786.75, marking a 1.28% weekly decrease.
Despite broader market declines, the NYSE MKT (XAX) posted a slight uptick of 0.01% to 4,521.21, closing the week with an impressive 1.58% gain. The Russell 2000 (RUT) index, representing small-cap stocks, fell 1.18% to 2,037.23, though it managed to secure a notable 2.91% weekly advance.
Similarly, the Dow Jones Total Stock Market (DWCF) index retreated 0.49% to 49,980.45, while the S&P 400 Mid Cap (MID) index slipped 0.69% to 2,835.13, both reflecting marginal weekly declines.
Influential movers in today’s market included:
- SoundHound AI Inc (SOUN), which surged 2.26% to $3.85 per share on a substantial volume of 112.3 million. The company’s advancements in artificial intelligence technology garnered investor attention amidst broader market uncertainties.
- Gaxos.AI Inc (GXAI) witnessed a remarkable 165.10% surge, reaching $0.68 per share, with a notable trading volume of 103.7 million. The surge likely followed positive developments in the company’s AI-driven solutions, attracting significant investor interest.
- Tesla Inc (TSLA) remained relatively stable, with a marginal 0.26% decline to $199.93 per share, reflecting 101.0 million shares traded. The electric vehicle manufacturer continues to navigate challenges within the global supply chain while maintaining investor confidence in its long-term prospects.
- Fusion Fuel Green PLC (HTOO) experienced a substantial 89.18% upswing, reaching $2.27 per share, with 81.4 million shares changing hands. The surge likely stemmed from growing investor enthusiasm towards the company’s initiatives in sustainable energy solutions.
- Canoo Inc (GOEV) held steady at $0.14 per share, with a marginal 3.09% decline and a trading volume of 63.5 million shares. The company’s performance reflects ongoing developments in the electric vehicle sector amidst competitive pressures.
- Tellurian Inc (TELL) saw a 9.72% increase to $0.90 per share, with 58.1 million shares traded, potentially driven by positive developments in the energy market and investor sentiment towards the sector.
Looking ahead, investors remain cautious as inflation concerns persist, adding uncertainty to the market outlook. The upcoming week is likely to be marked by continued volatility as investors digest economic data releases, corporate earnings reports, and geopolitical developments.
Today’s Us stocks’ market close reflects ongoing challenges posed by inflationary pressures, with notable individual stock movements highlighting investor sentiment amidst broader market turbulence.
