From Kiplinger · · 1m 10s
Nasdaq Adds 264 Points as Tech Stocks Rebound
Tech stocks rebounded slightly on Friday as Nasdaq closed up 1.1% but ended the week lower.
In brief
Tech stocks rebounded slightly on Friday as Nasdaq closed up 1.1% but ended the week lower. Nasdaq Composite rose 1.1% to 24,579 Friday but remained in correction territory with a weekly decline of 3.4%. Originally reported by Kiplinger.
Market Volatility
Stocks closed out a volatile week after Thursday's broad-based beatdown.
Nasdaq Rebound
Nasdaq Composite rose 1.1% to 24,579 but remained in correction territory with a weekly decline of 3.4%.
S&P 500 and Dow
S&P 500 finished up 0.3% at 7,376 for the day but down 2.7% weekly; Dow slipped 0.5% to 51,285.
Tech Sector Rebound
Memory chipmaker Micron Technology and AI bellwether Nvidia both rose after Thursday's sell-off.
Microsoft Cloud Concerns
Reports that Microsoft plans to use fewer neoclouds for AI workloads hung over the tech sector.
Airbnb Earnings Beat
Airbnb jumped 11.7% after reporting third-quarter earnings of $3.16 per share, up 43% year over year.
DraftKings Earnings Miss
DraftKings plunged 21.3% after reporting a top- and bottom-line third-quarter miss.
Economic Data
U.S. added 165,000 new jobs in October, blowing past expectations for 59,000 jobs with unemployment at 4.1%.
In short
Nasdaq Composite rose 1.1% to 24,579 Friday but remained in correction territory with a weekly decline of 3.4%.
