Stocks on Pace for Steep Weekly Losses

By Baystreet Market Updates

Stocks were on pace to post sharp weekly losses on Friday after a strong downturn in technology shares.

The Dow Jones Industrial Average came off its highs of the morning, but still gained 14.5 points to 25,303.77

The S&P 500 dropped into the red 5.13 points to 2,723.98

The NASDAQ fell 58.29 points to 7,200.74

The S&P 500 is down 1.8% this week, while the Dow and NASDAQ have both fallen 2.5%.

Technology, the biggest sector in the S&P 500 by market cap, is the second-worst performer this week, falling 2.6%. The sector is down following steep losses in Apple. The tech giant is down nearly 5%, week to date, as Wall Street analysts worry iPhone sales will slow down. Tech-related shares like Amazon slid 6.4%, and Netflix was off 5.4%.

Tech was under pressure again on Friday as shares of Nvidia plunged 17% on disappointing revenue and guidance.

The also come as investors fretted over political developments overseas amid heightened fears the U.K. could soon crash out of the European Union without a divorce deal. The British pound suffered its biggest one-day loss against the euro since October 2016 on Thursday, as a flurry of resignations rocked the government of U.K. Prime Minister Theresa May.

Prices for the benchmark for the 10-year U.S.Treasury gained, lowering yields to 3.08% from Thursday’s 3.11%. Treasury prices and yields move in opposite directions.

Oil prices rose 41 cents to $56.87U.S. a barrel.

Gold prices moved ahead $6.60 at $1,221.60U.S. an ounce.

This article provided by NewsEdge.