Nasdaq closes lower to end its worst week since March as tech continues to struggle
The Nasdaq Composite fell in another volatile session on Friday as the continuing tech sell-off drove the benchmark to its worst week in months.
The Nasdaq closed 0.6% lower at 10,853.55. At its session high, the composite rose as much as 1%; it was down more than 1.7% at one point as well. Apple dropped 1.3% and Amazon fell by 1.9%. Facebook, Alphabet and Microsoft were all down.
The S&P 500 eked out a small gain after gyrating between solid gains and steep losses. The broader-market index closed about 0.1% higher at 3,340.97. Meanwhile, the Dow Jones Industrial Average ended the day up 131.06 points, or 0.5%, at 27,665.64. The 30-stock average was up 294.24 points, or 1.1%, at its session high and fell as much as 86.46 points.
Dow futures jump 200 points as Wall Street tries to recover after tech struggles
U.S. stock futures rose on Sunday night after a sell-off in tech shares led to the market’s first back-to-back weekly declines in months.
Dow Jones Industrial Average futures traded 203 points higher, 0.7%. The S&P 500 climbed 0.8% and Nasdaq 100 futures were up by 1.1%.
Sentiment was lifted in part by news of Nvidia buying chip maker Arm Holdings from SoftBank for $40 billion. Nvidia will finance the deal through a combination of cash and common stock.
Nvidia to buy Arm Holdings from SoftBank for $40 billion
Chipmaker Nvidia has agreed to buy Arm Holdings, a designer of chips for mobile phones, from Softbank in a deal worth $40 billion, the companies announced Sunday. The deal will be for a mix of $21.5 billion in Nvidia stock and $12 billion in cash, including $2 billion payable at signing.
Reference: CNBC
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