Techs tumble as Nasdaq, S&P drop for third week

Big tech continued to take a beating

U.S. equity markets ended a volatile week on a down note registering losses for the major averages.

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The Nasdaq fell over 1% and yet again paced the declines pushing the tech-heavy composite deeper into correction territory.

TickerSecurityLastChangeChange %
I:COMPNASDAQ COMPOSITE INDEX11548.281629+42.28+0.37%
AAPLAPPLE INC.115.04-0.71-0.61%

The S&P 500 saw broad selling which was also led by tech, as well as material stocks while the Dow Jones Industrial Average fell more than 244 points or 0.88%.

TickerSecurityLastChangeChange %
SP500S&P 5003465.39+11.90+0.34%
XSWSPDR SERIES TRUST S&P COMPUTER SOFTWARE ETF126.97+0.61+0.48%
VAWVANGUARD WORLD FDS VANGUARD MATERIALS ETF141.39+0.58+0.41%
I:DJIDOW JONES AVERAGES28335.57-28.09-0.10%

Investors wrestled with the Trump administration's announcement to block U.S. downloads of Chinese social media apps WeChat and TikTok beginning Sunday. WeChat services in the U.S. will be blocked beginning on Sunday evening while TikTok will remain operational in the U.S. until Nov. 12, allowing time for a deal on the takeover of its U.S. operations.

Speaking Friday afternoon Trump acknowledged discussions with TikTok's suitors, Oracle Inc., Microsoft and Walmart are ongoing.

TickerSecurityLastChangeChange %
ORCLORACLE CORPORATION59.90+0.21+0.35%
MSFTMICROSOFT CORP.216.23+1.34+0.62%
WMTWALMART INC.143.85+0.30+0.21%

Tesla Inc. shares received price target boosts at Wedbush Securities and Piper Sandler. Shares rose bucking the overall downtrend.

TickerSecurityLastChangeChange %
TSLATESLA INC.420.63-5.16-1.21%

Elsewhere, home improvement chains Home Depot Inc. and Lowe’s Cos. were downgraded to “perform” at Oppenheimer amid concerns there may be a slowdown in sales growth following the COVID-19 pandemic.

TickerSecurityLastChangeChange %
HDTHE HOME DEPOT INC.283.00+1.84+0.65%
LOWLOWE'S COMPANIES INC.172.14+0.89+0.52%

Software service provider Unity Software Inc. debuted on the New York Stock Exchange trading under the stock ticker U. The company priced its initial public offering at $52 a share good for a $13 billion valuation and closed up 31.44%, finishing at $68.35 a share giving the company a market cap of around $17 billion.

Founded in 2004, Unity has become a major player in video and mobile game creation.

TickerSecurityLastChangeChange %
UUNITY SOFTWARE97.28-3.68-3.65%

Looking at commodities, West Texas Intermediate crude oil gained 14 cents to $41.11 per barrel and gold jumped $12.10 to $1,952.10 an ounce.

U.S. Treasurys ticked higher, pushing the 10-year note's yield down to 0.69%.

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European markets were mixed, with Germany’s DAX up 0.35% while Britain’s FTSE and France’s CAC were lower by 0.12% and 0.14%, respectively.

In Asia, China’s Shanghai Composite climbed 2.07%, Hong Kong’s Hang Seng added 0.47% and Japan’s Nikkei edged up 0.18%.