stock market Today: Live Updates – Friday Sell-Off Erases Weekly Gains
New York – Stocks closed sharply lower Friday, reversing earlier gains as escalating trade tensions with China and the ongoing U.S. government shutdown fueled investor anxiety. The declines wiped out the S&P 500’s weekly advance, putting the benchmark index on track for a 1% loss for the period.
Tech stocks, particularly those with ample exposure to the Chinese market, led the sell-off. Nvidia fell more than 1%, advanced Micro Devices (AMD) dropped over 5%, and Tesla shed almost 3%.
“It’s not surprising to see technology related stocks down the most today as they have notable exposure to China in both manufacturing and as a large customer,” Art Hogan, chief market strategist at B. Riley Wealth, told CNBC.”Clearly, our relationship with the second largest economy in the world just got more difficult.”
The market downturn coincided with the 10th day of a partial U.S.government shutdown. The Senate failed for a seventh time on Thursday to pass stop-gap funding proposals, and negotiations between Republicans and Democrats remain stalled.
The Dow Jones Industrial Average also closed lower.A CNBC chart tracking the Dow’s intraday performance is available here.
