Tech Recovers from Selloff as Bitcoin Plummets to $97,000: Market Movers for Friday
Market Performance: The Nasdaq 100 rose 0.6% as investors returned to tech stocks after a selloff, while the S&P 500 increased by 0.3% and the Dow Jones fell by 0.3%, influenced by declines in financial and pharmaceutical sectors.
Tech Stock Highlights: Micron Technology surged over 7% following news of increased DDR5 memory chip prices by Samsung, while Nvidia rebounded 1.8% after a previous drop. SanDisk also saw a significant rise of over 10%.
Global Supply Concerns: GE Vernova's shares increased due to reports of a global yttrium shortage caused by Chinese export restrictions, raising concerns about cost spikes in various industries, including aerospace and power.
Cryptocurrency and Commodities: Bitcoin fell 3% to an intraday low before recovering slightly, officially entering bear market territory, while gold prices dropped 1.7% amid hawkish signals from the Federal Reserve regarding interest rates.
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