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The US stock market experienced a significant downturn on Friday, extending its slump as a global technical outage caused by a software glitch added uncertainty to an already anxious market. This worldwide tech outage disrupted operations across multiple industries, including airlines, banking, and healthcare. But what does this all mean for investors, and what can we expect in the coming weeks?
The outage, which originated from a cyber security firm's software, caused the Dow to drop 9/10 of 1%, the S&P 500 to slip 7/10, and the NASDAQ to fall 810 points on a weekly basis. Both the NASDAQ and the S&P 500 logged their worst week since April, while the Dow rose after reaching a series of all-time closing highs earlier in the week. This volatility comes as the first full week of earning season comes to an end, with 14% of the companies in the S&P 500 having reported. 83% of those have beaten consensus, leading some to speculate about the market's future direction.
Rob Hayworth, senior investment strategist with US Bank Asset Management Group, believes the market could suffer more in the next few weeks. He stated, "We're long-term a little more constructive, but near term, yeah, I think we're seeing some of that retrenchment. Just because we're in earning season, earnings have actually been fairly solid. Not great, right? There's still some questions. But I think we're seeing an economy that's holding in, and we think the market will hold up. But in the short term, there could just be some profit taking as investors try and reposition for the news flow that's coming up in the next two weeks."
What news flow is Hayworth referring to? The Federal Reserve is set to release its latest decision on interest rates in the next two weeks. However, financial markets are not expecting a cut until the September meeting. This uncertainty, combined with the recent tech outage and its impact on various industries, has left many investors anxious and unsure of what to expect.
Stocks on the move included Netflix, which declined 1.5% in choppy trading after the streaming giant cautioned that third quarter subscriber additions would be lower than a year earlier. On the other hand, oil field services firm SLB, formerly known as Schlumberger, rose 2% after posting a strong second quarter profit.
As the market continues to navigate these uncertainties, investors are left wondering what the future holds. Will the market continue to slump, or will it bounce back in the coming weeks? And what role will the Federal Reserve's decision on interest rates play in shaping the market's direction?
In conclusion, the recent global tech outage has added a layer of uncertainty to the already anxious market, causing US stocks to slump. As earning season comes to an end and the Federal Reserve prepares to release its decision on interest rates, investors are left questioning what the future holds. Will the market weather this storm, or will it continue to experience volatility? Only time will tell. But for now, the uncertainty looms, and investors are left to navigate these challenges as they arise.
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