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.
Armenia heads to the polls on 7 June in a key parliamentary vote seen as a test of its democratic reforms and political direction since 2018. Prime Mi...
The United Nations has warned that Afghanistan has one of the highest maternal mortality rates in the world, with around 600 mothers dying for every 1...
Iraqi Prime Minister Ali Falih al‑Zaidi will pay an official visit to the United States, bringing with him a delegation of business leaders, priva...
The U.S. plans to seek the redirection of Iranian assets to Gulf states to help fund reconstruction and repairs for damage attributed to Iran, a sourc...
A U.S. doctor who contracted Ebola while on a humanitarian mission in the Democratic Republic of Congo has recovered and been discharged from a hospit...
Iraqi Prime Minister Ali Falih al‑Zaidi will pay an official visit to the United States, bringing with him a delegation of business leaders, private‑sector representatives and banking officials, in an effort to boost investment and deepen economic ties with Washington.
After the dissolution of the Soviet Union in 1991, newly independent Armenia emerged with the promise of democracy. But in the years that followed, conflicts and political assassinations sidetracked politics in the country, until a 2018 revolution restored momentum to the promise.
For decades, the factory taught the battlefield. Ukraine is now reversing the lesson.
Armenian authorities arrested six candidates from the pro-Russian Strong Armenia bloc on Saturday, one day before voters were due to take part in parliamentary elections.
Armenian authorities arrested six candidates from the pro-Russian Strong Armenia bloc on Saturday, one day before voters were due to take part in parliamentary elections.
More than 6,000 people gathered outside a vote-counting centre in Seoul on Friday night, demanding this week’s local elections be repeated after ballot shortages left some voters unable to cast their ballots.
Five Azerbaijani crew members were killed, and three others were injured after two cargo vessels were hit in a drone attack in the Sea of Azov, Azerbaijan's Foreign Ministry said on Friday, as Russia blamed Ukraine for the strike.
The U.S. said it struck Iranian radar sites on Qeshm Island and in Goruk after intercepting four drones, while Iran's Revolutionary Guards said they launches retaliatory strikes on four tankers in the Strait of Hormuz and targeted U.S. bases in the Gulf.
The new AnewZ documentary, TARGET: Yerevan, builds its explosive case on exclusive, secret recordings originally published by Minval Politika.
Chinese carmakers are rapidly reshaping the global automotive market, with record exports, soaring electric vehicle sales and growing investments overseas putting pressure on established European, Japanese and U.S. rivals.
The International Labour Organization (ILO) has begun its latest round of negotiations on creating the first binding global standards for platform-based work, covering services such as ride-hailing, food delivery and other app-based work.
European companies are continuing to deepen their presence in China, with nearly seven in ten firms maintaining or expanding their supply chains despite global efforts to diversify, according to a new survey by the EU Chamber of Commerce.
BP has removed its chair, Albert Manifold, with immediate effect, citing concerns over governance and conduct. The company said its board had unanimously decided that Manifold should no longer serve as chair or director.
The dual-class share structure outlined in SpaceX’s initial public offering (IPO) filing, which gives chief executive Elon Musk outsized control, has reignited one of Wall Street’s longest-running debates over corporate governance.
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