Broader US indices tumble and close lower on the week

The broader major indices closed sharply lower today led by the NASDAQ index which fell -1.56%. The S&P index fell -1.22%. The declines push the indices into the red for the trading week. The Dow industrial average fell -0.83%.

For the trading week,

• Dow industrial average closed up 0.12%
• S&P index fell -0.16%
• NASDAQ index fell -0.39%

The declines today were led by Adobe which tumbled -4.23% after the AI high flyer beat on earnings, but forward guidance disappointed. Nvidia – another AI stock – tumbled -3.69%, and Microsoft fell -2.52%. Other chip stocks including AMD (-4.82%), Intel (-2.04%), Taiwan Semiconductor Manufacturing company (-2.43%), and Broadcom (-2.29%) fell sharply.

Meta (-3.70%), Amazon, -2.98%, Home Depot (-2.50%) and McDonald’s (-2.31%) were big losers on the day.

Disney (+1.3%), American Express (+1.25%), and UnitedHealth (+0.63%) were the only Dow 30 stocks that gained today.

Auto workers went on strike today, and despite the strike, shares performed better than the market with GM and Stallantis shares up on the day. Ford fell modestly

• GM shares rose 0.83%
• Ford shares fell -0.04%
• Stallantis shares rose 2.12%