Nasdaq Ends Week Down 3.4%; October CPI Lands Tuesday
U.S. markets are closed today; trading resumes Monday at 9:30 a.m. ET (5:30 p.m. in Istanbul). The Nasdaq Composite rebounded 1.1% on Friday but still ended the week down 3.4%. The S&P 500 lost 2.7% on the week and the Dow 0.9%.
Thursday did the damage: post-midterm fears of data center restrictions pushed the Nasdaq into correction territory. Friday's rebound came from chips, with the SMH semiconductor ETF up 3.6%, AMD up 11% and Micron up 5.1%. The selling stopped, but the week's losses were not recovered.
The second story is Tesla. Elon Musk wrote on X on Friday morning that Cybertruck production at the Texas factory will wind down around the middle of next year. The line will make room for the Cybercab robotaxi; Musk did not say whether the truck will be built elsewhere.
In the last session (November 6), the Nasdaq 100-tracking QQQ rose 1.62%, the S&P 500-tracking SPY 0.31% and the small-cap IWM 0.99%. The -tracking fell 0.40%. Technology gained 1.5% while consumer staples dropped 1.3%.