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Wall Street Eye Worst Week In 3 Months As Tech Sector Falters; Oil Falls, Bitcoin Hits 1-Month Peak: What's Driving Market Friday?
Wall Street is poised to close the week in the red, with all major indices trading in negative territory at midday in New York, as broader sentiment remains weak following a temporary tech outage caused by a cloud software update from CrowdStrike Holdings Inc. (NASDAQ:CRWD) that led to widespread disruptions across several sectors worldwide.
The S&P 500 index is down 0.6% as of 12:50 p.m. ET, extending its weekly decline to 1.8%, marking its worst week since April.
The tech-heavy Nasdaq 100 is underperforming the broader market, down 1%, reflecting general weakness in the technology sector and bringing its weekly loss to 3.9%, also the worst in three months.
The Dow Jones is also affected by Friday’s weak sentiment, down 0.9%, though it still maintains in marginally positive territory for the week.
The small caps of the Russell 2000 index are down only 0.4%, poised to secure another week of relatively better performance compared to large caps.
Treasury yields are rising by a few basis points across the curve, with long-dated bonds — as tracked by ...