Hey there, readers! It's been an eventful week in the stock market, especially for tech stocks. Let's dive into the highlights and see what's been happening.
First up, we have Intel, the chip maker that didn't quite meet expectations. Their stock took a nosedive of nearly 12% after releasing disappointing sales forecasts. While Intel typically sees a seasonal drop in business during the first quarter, this forecast was particularly brutal. The company cited a mix of factors, including seasonal declines in their core business units and an inventory pileup at auto-chip maker Mobileye.
Unfortunately, Intel's selloff dragged down other chip makers as well. Advanced Micro Devices, Nvidia, and Micron Technology all saw their stocks edge lower.
In other news, Spirit Airlines took a hit after JetBlue warned that it might end its attempted takeover of the company. JetBlue informed Spirit that certain conditions required to close the deal may not be met by the airlines' deadline.
On the economic front, the Federal Reserve's preferred inflation gauge showed that price pressures remained mostly subdued in December. The Commerce Department reported a 0.2% rise in consumer prices from November, putting it 2.6% above its year-earlier level. With inflation at bay, the Fed's decision on when to cut rates will likely come down to what the job market is signaling.
Now let's take a look at how the stock market fared this week. The S&P 500 slipped 0.1%, the Nasdaq ended down 0.4%, and the Dow closed up 0.2%, or 60 points. Despite the mixed performance, all three indices logged gains for the week.
That's all for this week's market recap. Stay tuned for more updates and happy investing!
Comments
Post a Comment