U.S. markets ended lower on Friday, extending losses from the previous session, as continued weakness in technology stocks and renewed geopolitical tensions weighed on investors’ sentiments. Additionally, concerns over elevated valuations in the tech sector also kept traders cautious ahead of next week’s earnings reports from major technology companies, including Alphabet, Tesla, IBM, and Intel. Further, sentiments remained subdued as inflationary concerns intensified amid the ongoing conflict in the Middle East and rising fuel prices.
On the sectoral front, airline stocks posted significant losses amid sharp rise in crude oil prices, with the NYSE Arca Airline Index declining 3.5%. Brokerage stocks also came under considerable pressure, as reflected by the 2.3 percent slump by the NYSE Arca Broker/Dealer Index. Housing, software and retail stocks also saw notable weakness, while oil producer and computer hardware stocks showed strong moves to the upside.
Nasdaq dragged 361.70 points or 1.4 percent to 25,520., S&P 500 down 76.08 points or 1.01 percent to 7,457.69 and Dow Jones Industrial Average decreased 406.55 points or 0.77 percent to 52,146.42.
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