A rough week for technology stocks battered the Nasdaq Composite, dragging the index to its worst week since March. The tech-heavy index slipped Friday after President Trump said tariffs on an additional $267 billion in goods imported from China could be implemented on short notice. Shares of technology companies, which had been trading higher earlier in the session, erased gains. The Nasdaq Composite fell 0.3% on Friday, putting its weekly decline at 2.6% — its worst performance since the week ended March 23 when Facebook's data-privacy scandal erupted. The S&P 500 shed 0.2%, while the Dow Jones Industrial Average lost 0.3%. Fears of tariffs, increased government regulation and pricing pressures have weighed on tech companies in recent sessions. Twitter's stock declined 1% on Friday, putting its weekly loss at 13%. Facebook shares edged up 0.3% on the day, but ended the week down 7.2%. Shares of Tesla dropped 6.3% following executive departures and an interview that appeared to show Chief Executive Elon Musk smoking marijuana.
Argonaut | The Natural Choice in Resources.
© 2024 Argonaut.