The Dow Jones Industrial Index closed 2.77% at 32,977.21 points and Standard & Poor’s 500 3.63% at 4,131.93 points.
Nasdaq Composite, on the other hand, fell 4.17% to 12,334.64 points.
This was a session where technology companies weighed heavily on investor pessimism after some industry giants reported lower-than-expected quarterly accounts this week. This is what happened to Apple and Amazon – the worst day for an e-commerce company since 2006, falling 14.05% to nearly $ 2,485.63.
Tesla was one of the listed companies that stood out positively in the first part of the session after electric vehicle manufacturer CEO Elon Musk said he did not plan to sell any more shares in the company.
However, sales in recent days weighed more and the quoted price fell 0.77% to $ 870.76. It is worth noting that Musk sold another $ 4 billion in Tesla shares on Tuesday and Wednesday, and it was announced this Friday that he did get rid of another $ 4.5 billion in the manufacturer’s securities yesterday.
A busy week with earnings announcements by major technology companies helped curb losses due to fears of central bank tightening, but there were disappointments.
In addition, fears of a significant rise in central bank key interest rates have hampered fast-growing equities (such as technology) and increased risks to future earnings.
According to Credit Suisse analyst Jonathan Golub, U.S. technology companies are expected to report a 1.2 percent contraction in first-quarter earnings, while growth in the rest of the market is 12 percent. For giants in this sector, profits were on average 2.3% higher than expected, while for listed companies in other industries, the improvement was 8.6%.