United States
The S&P 500 (^GSPC) declined 0.27% for the week, closing at $7,743.41, with the index fluctuating between $7,662.57 and $7,782.19. The Nasdaq (^IXIC) fell 0.20% to $27,068.72, while the Dow Jones (^DJI) lost 0.42% to finish at $51,828.62. The Russell 2000 (^RUT) underperformed, sliding 1.31% to $2,837.55, signalling weakness in smaller equities.
Mega-cap technology stocks drove the week's decline. Amazon (AMZN) fell 3.40% to $249.67, Alphabet (GOOGL) dropped 3.11% to $343.92, and Netflix (NFLX) lost 3.01% to $71.15. Coinbase (COIN) declined 2.95% to $195.11. The sell-off in large-cap tech contrasted sharply with Microsoft (MSFT), which gained 2.90% to $516.17—its highest level of the year—suggesting selective strength within the sector.
Tesla's stock fell on Friday after the company unveiled its Semi truck, with investors showing limited enthusiasm for the launch. Apple faces investor scrutiny over the pricing strategy for its newly released iPhones, raising questions about demand elasticity. Micron faces volatility ahead, with one analyst flagging a potential "seesaw ride" for the memory-chip manufacturer.
Italy
The FTSE MIB (FTSEMIB.MI) declined 0.96% for the week, closing at €51,867.00 and trading between €51,540.00 and €52,525.00. Domestic equities lagged their US counterparts.
Stellantis (STLAM.MI) suffered a sharp 6.22% loss, closing at €3.96, dragging the broader index lower. Generali (G.MI) fell 5.35% to €43.32. Leonardo (LDO.MI) retreated 2.57% to €49.31. Eni (ENI.MI) bucked the trend with a 3.86% gain to €24.38, providing the week's sole bright spot for Italian blue chips.
Week ahead
Focus remains on corporate earnings releases and macroeconomic data across both markets. Fed communications and employment reports are likely to command trader attention as the quarter draws to a close.