The stock market faced a turbulent day on Friday as Dow Jones futures, S&P 500 futures, and Nasdaq futures all fell sharply following Israeli strikes in Iran. Reports of explosions near key military bases and nuclear facilities in Iran caused concern among investors, contributing to the bearish tone in the market.
Despite a rally on Thursday, the stock market struggled to maintain momentum, with the Nasdaq’s power trend in danger of ending. Nvidia stock managed to edge higher after undercutting the 50-day line, while Taiwan Semiconductor fell below its 50-day line despite strong earnings. However, companies like Meta Platforms, HubSpot, and Allstate saw rebounds from key support levels.
Netflix and Intuitive Surgical reported better-than-expected first-quarter earnings, but Netflix stock fell in extended trade after guiding lower on Q2 revenue. Meanwhile, ISRG stock rose modestly while Tesla stock hit a 52-week low.
Crude oil prices rose and copper prices jumped to a new 52-week high, while the 10-year Treasury yield climbed to 4.65%. Growth ETFs like IGV and SMH fell, indicating a cautious outlook among investors.
Overall market analysis suggests caution in making new buys, as escalating violence in the Middle East could lead to a market correction. The situation remains uncertain, with potential impacts on various sectors of the market. Investors are advised to stay informed and monitor developments closely.
