WASHINGTON (dpa-AFX) - With technology stocks under pressure, the Nasdaq
showed a substantial move to the downside during trading on Friday, extending
its recent losing streak. The S&P 500 also saw further downside, while the
narrower Dow bucked the downtrend.

The Nasdaq plunged 319.49 points or 2.1 percent to 15,282.01, closing lower for
the sixth straight session and tumbling to its lowest closing level in well over
two months.

The S&P 500 also closed lower for the sixth straight day, slumping 43.89 points
or 0.9 percent to a two-month closing low of 4,967.23.

Meanwhile, the Dow added to the slim gain posted in the previous session,
climbing 211.02 points or 0.6 percent to 37,986.40.

For the week, the tech-heavy Nasdaq cratered by 5.5 percent and the S&P 500 dove
by 3.1 percent, while the Dow crept slightly higher.

The steep drop by the Nasdaq partly reflected a nosedive by shares of Netflix
(NFLX), with the streaming giant plunging by 9.1 percent.

Netflix came under pressure after reporting better than expected first quarter
results but providing disappointing revenue guidance.

AI darling Nvidia (NVDA) also plummeted by 10.0 percent on the day, contributing
to significant weakness in the semiconductor sector.

Reflecting the weakness in the sector, the Philadelphia Semiconductor Index dove
by 4.1 percent to its lowest closing level since early February.

Considerable weakness among computer hardware stocks also weighed on the Nasdaq,
with the NYSE Arca Computer Hardware Index tumbling by 3.7 percent to its lowest
closing level in well over a month.

Outside of the tech sector, retail stocks also came under pressure on the day,
dragging the Dow Jones U.S. Retail Index down by 1.5 percent.

Meanwhile, the Dow benefitted from a notable advance by shares of American
Express, with the financial services giant surging by 6.2 percent.

The jump by American Express came after the company reported first quarter
results that exceeded expectations on both the top and bottom lines.

Banking stocks also turned in a strong performance on the day, driving the KBW
Bank Index up by 2.9 percent.

Interest rate-sensitive utilities stocks also moved notably higher amid a
pullback by treasury yields, resulting in a 1.8 percent jump by the Dow Jones
Utility Average.

An increase by the price of crude oil also contributed to strength among energy
stocks after Israel launched retaliatory strikes against Iran.

Crude oil soared overnight but gave back ground after Iranian state media
downplayed the attacks, saying explosions heard in Isfahan were a result of the
activation of Iran's air defense systems.

Other Markets

In overseas trading, stock markets across the Asia-Pacific region moved sharply
lower during trading on Friday. Japan's Nikkei 225 Index plunged by 2.7 percent,
while Hong Kong's Hang Seng Index slumped by 1.0 percent.

Meanwhile, the major European markets finished the day mixed. While the U.K.'s
FTSE 100 Index crept up by 0.2 percent, the French CAC 40 Index closed just
below the unchanged and the German DAX Index fell by 0.6 percent.

In the bond market, treasuries pulled back off their highs after an early
advance but remained positive. As a result, the yield on the benchmark ten-year
note, which moves opposite of its price, fell by 3.2 basis points to 4.615
percent after hitting a low of 4.582 percent.

Looking Ahead

Next week's trading may be impacted by reaction to the latest U.S. economic
data, including reports on new home sales, durable goods orders and personal
income and spending.

The Commerce Department's personal income and spending report includes readings
on inflation said to be preferred by the Federal Reserve.

Earnings season also starts to pick up steam next week, with Tesla (TSLA),
Boeing (BA), IBM (IBM), Caterpillar (CAT), Honeywell (HON), Alphabet (GOOGL),
Intel (INTC), Microsoft (MSFT), Chevron (CVX) and Exxon Mobil (XOM) among the
companies due to report their quarterly results.



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