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## Market Update: US Stocks Decline for Sixth Consecutive Day

US stocks saw a continued decline on Friday, with the S&P 500 falling for the sixth consecutive day, marking its worst performance week of 2024 so far.

Investors remained cautious as they evaluated the implications of Israel’s missile strike against Iran, a move that was viewed as symbolic and potentially a de-escalation of tensions.

The market losses accelerated after Super Micro Computer reported earnings without prior announcement, catching some on Wall Street off guard. The company’s stock plummeted by 23%, dragging down other tech stocks, including Nvidia, which plunged by as much as 10%. This drop in Nvidia’s stock wiped out $183 billion in market valuation, highlighting the interconnectedness of the tech industry.

Other tech giants like Meta Platforms, Amazon, and Netflix also experienced significant declines, with Netflix announcing changes to its reporting practices starting in 2025.

Looking at earnings, data from Fundstrat showed that a significant percentage of S&P 500 companies beat profit and revenue estimates, indicating strong performance in the corporate sector.

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