US Market Drop: Wall Street Had a Losing Week. Geopolitical Pressures or Sticky Inflation

US Market Drop: Wall Street Had a Losing Week. Geopolitical Pressures or Sticky Inflation

13 April 2024 – US equities fell sharply on Friday, the penultimate trading day of the week, driven by worries about sticky inflation and geopolitical tensions. Wall Street’s three main indexes all ended Friday with losses of more than 1%.

As JP Morgan, the largest US bank by assets, and Citigroup revealed lower-than-expected earnings, the mood of the market also declined.

The S&P 500 plummeted 75.65 points, or 1.46 percent, to finish Friday’s trading day at 5,123.41, while the Dow Jones Industrial Average (DJI) fell for the fifth straight session, plunging 475.84 points, or 1.2 percent, to land at 37,983.24. The materials and opens new tab sectors had the most percentage loss as all 11 of the S&P 500’s main sectors finished the day lower than they started.


Conclusion

According to Reuters, on the New York Stock Exchange (NYSE), dropping issues outnumbered advancers by a ratio of 4.19 to 1; on the Nasdaq, the ratio favored decliners by a ratio of 3.16 to 1. This week’s weekly volatility in US markets was caused by higher-than-expected inflation, which resulted in lower closing values for the main indexes.