Stocks Hit Six-Week Low as Tech Slide Accelerates: Markets Wrap
- S&P 500 falls three straight weeks for the first time in year
- Dollar gains for first time in six sessions versus major peers
Technology shares pushed U.S. stocks to a six-week low as investors searched for new catalysts to give direction to global markets. The dollar strengthened and Treasuries were little changed.
The S&P 500 fell for a third day after fluctuating between gains and losses ahead of a so-called “quadruple witching” on Friday, a quarterly event that typically fuels trading and sometimes volatility as large derivatives positions roll over. Losses accelerated after the benchmark index fell below its 50-day moving average. The Nasdaq 100 also closed below that technical threshold. Oracle Corp. edged lower after the U.S. said it will ban some transactions over TikTok, and it would be shut down unless a deal is concluded by Nov. 12. Apple Inc. and Microsoft Corp. weighted on the Nasdaq Composite.