Tech Stocks Plummet, Dow Bucks Trend

US stocks, particularly tech stocks, experienced a significant drop on Friday, with the Nasdaq Composite falling by 1.6%. However, the Dow Jones Industrial Average bucked this trend, rising by 1% over the week. Treasury yields increased, and cyclical stocks saw a boost following the Federal Reserves third interest rate cut of the year. Gold prices reached a new record high, setting up for its best year since 1979. Former President Trump indicated Kevin Hassett as the leading candidate for the next Federal Reserve chair. Lululemon shares surged by 9% after announcing CEO Calvin McDonalds departure.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.