Wall Street ended lower on Friday as technology stocks dragged the market and market participants assessed economic data. The Nasdaq Composite, the Dow and the S&P 500 ended in negative territory. However, last week, these indexes finished mixed.
How Did the Benchmarks Perform?
The Dow Jones Industrial Average (DJI) fell 0.3%, or 175.28 points, to close at 52,002.41. Sixteen components of the 30-stock index ended in negative territory and fourteen ended in positive territory.
The tech-heavy Nasdaq Composite declined 2.1% to close at 26,140.03.
The S&P 500 lost 1.1% to end at 7,659.44. Out of the 11 broad sectors of the broad-market index, five ended in negative territory, while six were in positive territory. The Communication Services Select Sector SPDR (XLC), the Information Technology Select Sector SPDR (XLK) and the Consumer Discretionary Select Sector SPDR (XLY) fell 2.5%, 2.5% and 1.2%, respectively, while the Energy Select Sector SPDR (XLE) rose 2.5%.
The fear gauge, the CBOE Volatility Index (VIX), increased by 21.45% to 19.99. The S&P 500 posted 19 new 52-week highs and one new low. The Nasdaq Composite recorded 49 new highs and 263 new lows.
AI Debt and Oil Prices Weigh on Markets
Inflation and corporate debt remain a market concern. In technology, companies are pouring money into AI-enabled infrastructure. On the opposite side of the market, energy stocks surged as tensions around the world propelled oil upwards. WTI crude futures increased 2.6% to $99.02 per barrel. Brent crude futures are up 3.72% to $109.86 per barrel.
Consequently, shares of energy companies rose. Chevron Corporation CVX shares were up 2.6%. Chevron currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today's Zacks #1 Rank stocks here.
Economic Data
In economic data released on Friday, U.S. industrial production increased in September by 0.7%, surpassing analysts’ expectations of a rise of 0.4%. Manufacturing output rose 0.3% in September. Capacity utilization also increased for the month to 76.9%
Weekly Roundup
The Dow rose 0.7% for the week, while the S&P 500 fell 1.9% and the Nasdaq Composite dropped 4.5%.
Zacks' Research Chief Names "Stock Most Likely to Double"
Our team of experts has just released the 5 stocks with the greatest probability of gaining +100% or more in the coming months. Of those 5, Director of Research Sheraz Mian highlights the one stock set to climb highest.
This innovative software-as-a-service firm upped its user base +22% year over year. That rate is increasing and margins are expanding as AI efficiencies take effect. Of course, all our elite picks aren't winners, but this one could far surpass earlier Zacks' Stocks Set to Double like D-Wave Quantum, which shot up +680.1%.
Free: See Our Top Stock And 4 Runners UpWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
This article originally published on Zacks Investment Research (zacks.com).