The stock market experienced a turbulent week, with major indexes ending lower on Friday.
- The S&P 500 declined by 54 points, or 1.2%, to close at 4,450.
- The Dow dropped by 288 points, or 0.8%, ending at 34,618.
- The Nasdaq fell by 217 points, or 1.5%, to finish at 13,708.
The technology sector had the greatest negative impact on the market. Microsoft experienced a 2.4% decrease in stock value, while chipmaker Nvidia saw a decline of 3.7%. Despite this, US automaker stocks displayed resilience after United Auto Workers union members went on strike at various plants overnight. Ford saw a slight increase of 0.1%, and General Motors rose by 1.1%. Meanwhile, Stellantis shares gained 1.9% on the Milan Stock Exchange in Italy. Throughout the week, investors closely monitored optimistic updates on the US economy. These reports preceded the upcoming Federal Reserve meeting, where it is anticipated that interest rates will remain unchanged.
Matthew Stucky, senior portfolio manager at Northwestern Mutual Wealth Management, stated, “Things were fairly in line from a data perspective. Really, the market is laser-focused on what’s going to impact Federal Reserve activity.” The central bank has been progressively raising rates in an attempt to control inflation. However, it maintained interest rate levels at its last meeting as inflation has gradually returned to the bank’s target of 2%.
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