US Stocks Edge Lower At End Of Rollercoaster Week

2024-08-09 02:08:38

(MENAFN- The Peninsula) AFP

New York: US Stocks slipped after markets opened on Friday as traders appeared wary at the end of a rocky week that began with a dramatic sell-off.

Around 15 minutes into trading, all three major indices on Wall Street were trading lower, with the Dow Jones Industrial Average leading the mild decline, falling 0.3 percent to 39,313.65.

The broad-based S&P 500 was down 0.2 percent at 5,308.59, while the tech-rich nasdaq slipped 0.3 percent to 16,616.52.

"The stock market could settle this week roughly unchanged with the Nasdaq Composite and S&P 500 sitting on declines of 0.5% and 0.7%, respectively, since last Friday," Briefing analysts wrote in a blog post before markets opened.

They pointed to a pre-open gain in the so-called "mega caps" worth at least $200 billion, and chipmakers.

Among individual stocks, Paramount Global was trading 2.3 percent higher after announcing it would cut around 15 percent of its workforce as part of a cost-cutting plan.

And weight-loss drugmaker Eli Lilly's stock was up 5.8 percent after the company beat earnings estimates.

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