New York, NY – The Dow Jones Industrial Average saw a 150 point decrease on Friday due to the premature release of economic data, potentially ending the week on a negative note for Wall Street. In the midst of this, software company Adobe and renowned investor Cathie Wood made significant moves in the stock market, with Adobe experiencing a decline in earnings while Wood increased her stake in Tesla.
As trading commenced, the Dow Jones fell by 0.4%, with the S&P 500 also experiencing a loss of 0.8%, and the Nasdaq composite dropping by 1.1%. Exchange traded funds such as the Invesco QQQ Trust ETF and the SPDR S&P 500 ETF both saw decreases at 1.1% and 0.8% respectively.
Meanwhile, the 10-year Treasury yield rose to 4.3%, and oil prices remained steady with West Texas Intermediate futures trading around $80.80 per barrel after significant weekly gains.
Cathie Wood’s Ark Investment ETFs made major moves by purchasing shares of Tesla totaling over $35 million. Tesla’s stock took a hit, dropping by 4.1% and falling below key moving averages. Tesla’s shares continued to decline by 0.7% on Friday.
In the market, companies like Adobe, Jabil, and Ulta Beauty faced challenges with Adobe exceeding Wall Street expectations for their fiscal first quarter but providing a lackluster forecast. Resulting in a 14% drop in Adobe’s stock price.
On Thursday, the Empire State manufacturing index fell well below expectations, while the Federal Reserve reported a slight increase in industrial production for February. Furthermore, the University of Michigan’s consumer sentiment data was set to be released later in the day.
As investors navigated market trends and shifting conditions, Dow Jones stocks like Apple and Microsoft faced fluctuations after the market open on Friday. Apple saw a 1.1% increase on Thursday but dropped by 1.1% on Friday, while Microsoft shares, having found support at the 50-day line earlier in the week, fell by 2%.
In the ever-evolving stock market landscape, leaders like Nvidia took a hit with a 0.7% decline on Friday, following previous losses. Investors continued to watch key stocks like Novo Nordisk, Merck, DraftKings, and Spotify for potential opportunities.
Throughout the day, the stock market continued to see shifts and changes, with investors closely monitoring developments to make informed investment decisions.