Both the S&P 500 (SPX) and Nasdaq 100 (NDX) opened Friday’s trading session in negative territory and continued falling ahead of the weekend.
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Tech stocks have largely contributed to the poor performance in the two indexes and are set to have their worst week since President Trump’s “Liberation Day” in April. The market capitalization of the eight most valuable AI-related stocks, which include Nvidia (NVDA), Meta Platforms (META), and Palantir (PLTR), has fallen by $911 billion since last Friday, according to the Financial Times.
Consumer Sentiment Nears Record Low
The weakness comes amid the University of Michigan’s preliminary Index of Consumer Sentiment falling to 50.3 in November, registering the weakest reading since the record-low of 50.0 in June 2022 and missing the estimate of 53.0. A reading below 60 indicates deflated sentiment, while a reading above 80 points to optimism. The decline in sentiment was seen across all age, income, and political groups.
UM Surveys of Consumers Director Joanne Hsu added that consumers are growing increasingly worried about the negative effects of the government shutdown, which has disrupted Supplemental Nutrition Assistance Program (SNAP) benefits and air travel in recent days.
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