Tech stocks are ending the week on a similar note to the start of the week, but worse.
focused on technology
Nasdaq Composite Index
fell for the fifth day in a row, down more than 5% in the period and the biggest five-day decline since December 2022. The losing streak is likely to be extended to a sixth day as Nasdaq 100 futures fell 0.5% early Friday amid rising civil war tensions. middle east.
It was another tough start for the U.S. chip sector after Taiwan Semiconductor Manufacturing Co. cut its industry growth forecast, which led to losses in the previous session. Ahead of Friday's move, Advanced Micro Devices shares were down 0.8%, Micron Technology was down 1.4%, Intel was down 0.8% and Nvidia was down 0.8%.
TSMC attributed the downgrade to its outlook primarily to weakness in the auto sector. So companies exposed to automotive chips were hit the hardest. ON Semiconductor fell 2.7% following a downgrade from Exane BNP Paribas, while NXP Semiconductors fell 0.7% in pre-market trading.
A broader tech downturn appears to have begun as Palantir Technologies, which is on a five-day losing streak, fell 1.3%, SoFI Technologies fell 1.3%, Amazon fell 0.9% and Microsoft fell 0.4% before closing in. is.
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Alphabet stock also fell 0.8%. Google's proposed cookie alternatives will need to take further steps to protect consumer privacy, the UK Information Commissioner's Office said in a draft report, according to the Wall Street Journal. ing. Privacy regulators said Google's proposed technology, the “privacy sandbox,” leaves gaps that advertisers could exploit to identify users.
“Privacy Sandbox technology is designed to deliver meaningful privacy improvements and provide the industry with a privacy-preserving alternative to cross-site tracking,” a Google spokesperson told the Journal.
Netflix stock fell more than 6%, even though the streaming giant reported solid subscriber growth in its first-quarter results late Thursday. The company's earnings outlook was lower than analysts expected.
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Email Callum Keown at callum.keown@barrons.com.
