Despite a robust earnings season and a positive quarterly GDP report, US stock indices struggled to gain momentum. The S&P 500, NASDAQ, and Dow all experienced declines of over 2% during the week, marking the sixth negative week out of the last eight for the S&P 500.
On Wednesday, the NASDAQ’s 2% drop pushed the index more than 10% below its recent high from July 19, officially entering correction territory. Following suit, the S&P 500 also entered correction territory on Friday after falling more than 10% below its peak on July 31. This decline led both indices to their lowest levels since May.
Reviewing the US Stock Markets, the Nasdaq Composite, recorded a decent gain of 835 points, reaching a closing value of 13,478 points by the end of the week. Similarly, the S&P 500 index showed a positive trend, gaining 241 points to settle at 4,358 points. Meanwhile, DJIA Index experienced a notable hike, rising by 1,644 points during the week and concluding at 34,061 points after a week of gain.
In contrast, Russell 3000 Index saw a gain in week performance, with a slight gain of 142 points to reach 2,493 points by the end of the week.
Moving to Russell 2000 Index, demonstrated a notable hike of 124 points, ending the week at 1,760 points.
