U.S. stock markets closed lower at the end of the week, as investors continued to rotate out of technology shares, putting pressure on major indices.
The Dow Jones Industrial Average fell by 0.51%, or 245.96 points, to close at 48,458.05. The broader S&P 500 index declined by 1.07%, losing 73.59 points to finish at 6,827.41.
The tech-heavy Nasdaq Composite recorded the steepest losses, dropping 1.69%, or 398.69 points, to 23,195.17.
Market volatility increased, with the Volatility Index (VIX), often referred to as the “fear gauge”, rising 5.99% to 15.74.
In corporate news, shares of Oracle fell sharply after the company reported earnings this week. The stock dropped 11% on Thursday after revenues missed market expectations, followed by a further 4.5% decline on Friday.
Broadcom shares also slid 11.5% after the company released its balance sheet following Thursday’s market close, despite reporting profits and revenues that exceeded forecasts.
Among other major technology stocks, Nvidia shares fell 3.3%, Amazon declined 1.8%, Meta slipped 1.3%, while Alphabet and Microsoft each lost around 1%.
On the political front, U.S. President Donald Trump told The Wall Street Journal that he was close to choosing either White House National Economic Council Director Kevin Hassett or former Federal Reserve Board member Kevin Warsh as the next chair of the Federal Reserve.
Trump said the new chair should consult with him on interest rate decisions and reiterated his view that the policy rate should be at 1% or lower within a year.
Georgia has unveiled a new funding model for public universities, highlighting the different ways higher education is financed across the South Caucas...
Hungary’s Paks nuclear power plant may continue operating at reduced capacity until Tuesday, temporarily easing pressure on the country’s electric...
Pakistan and Uzbekistan are stepping up efforts to streamline trade between South and Central Asia through a new customs partnership focused on digita...
A tourist aircraft crashed near Peru's UNESCO-listed Nazca Lines on Saturday (1 August), killing all 13 people on board, authorities said.
Iranian Foreign Ministry Spokesperson Esmaeil Baghaei has said Tehran is not currently involved in direct talks with Washington about reopening the Strait of Hormuz. U.S. President Donald Trump said negotiations with Iran were to begin on Monday.
U.S. President Donald Trump said late on Saturday he would hold off on a fresh attack on Iran as long as a deal could be reached quickly to halt Iran's nuclear ambitions and reopen the Strait of Hormuz.
Two firefighting helicopters collided while battling a major wildfire in Greece on Sunday, killing two crew members as emergency services continued efforts to contain fires fuelled by extreme heat and dry conditions across Europe.
French Prime Minister Sebastien Lecornu said wildfires that swept across France were now under control. Authorities warned that risks remained as Greece and Spain continued battling active blazes across parts of Europe.
Ford raised its full-year earnings forecast after reporting stronger-than-expected second-quarter adjusted profit, as resilient demand for its vehicles and operational improvements helped offset tariff-related costs.
SK Hynix reported record quarterly profit on Wednesday, but its shares slumped 10 per cent after the South Korean chipmaker fell short of investor expectations built around the artificial intelligence (AI) boom.
Oil prices have fallen more than six per cent as a pause in U.S.-Iran hostilities eased fears of wider supply disruption around the Gulf.
Paramount Skydance agreed to pause its acquisition of Warner Bros Discovery until after a ruling on a challenge by states to the deal, plunging the $110 billion deal into further uncertainty.
China's Foreign Ministry has said it is closely monitoring the United Kingdom's nationalisation of British Steel. Prior to the British government fully taking over the loss-making company on Thursday, it was previously owned by Chinese private steelmaker Jingye.
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