Tech Selloff Continues To Pressure Market

The DOW slid 234.33 points or -0.7%, to 32,627.97 on Friday, pressured by Visa and JPMorgan. The S&P 500 dipped -0.1% to 3,913.10, closing off its lowest level of the day when it fell 0.7%. The NASDAQ gained +0.8% to 13,215.24 as investors bought the dip in tech shares which had been putting pressure on the market after continuing to selloff earlier in the week. Facebook gained +4%, while Amazon and Netflix rose about +1.5% each.

On a weekly level, The DOW and the S&P 500 lost -0.5% and -0.8%, respectively, this week, breaking their two-week win streak. The NASDAQ also declined -0.8% for the week, posting its fourth negative week in the last five.

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Crude oil and Bitcoin joined the negative week party with a loss of -6% parking back-to-back weekly losses for the first time since October 2020. Bitcoin lost -3.7% on the week, its first weekly loss in three weeks.

The U.S. Dollar and gold were able to post weekly gains of +.07% and +1%, respectively.

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Every Success,
Jeremy Lutz
INO.com and MarketClub.com

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