The information provided on EL7.AI is for educational and informational purposes only and does not constitute financial advice.
The information provided on EL7.AI is for educational and informational purposes only and does not constitute financial advice.
The selloff in technology stocks deepened on Friday, pushing the Nasdaq toward its worst weekly decline in recent months. According to reports, tech shares extended losses from Thursday, exerting pressure on the broader market. Meanwhile, oil prices remained volatile as threats to shipping through the Strait of Hormuz unsettled traders.
The weakness in the tech sector comes against a backdrop of rising interest rate expectations and mixed economic data. The US services PMI came in at 51.3 in June, slightly above forecasts, while European data disappointed, with Germany's services PMI falling to 46.8. Continued uncertainty around global growth weighed on risk sentiment, and geopolitical tensions in the Gulf added to the cautious tone.
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Sign InLooking ahead, investors will monitor any further developments regarding the Strait of Hormuz, as well as upcoming central bank speeches from Fed's Waller and ECB's Lagarde for policy cues. With no major economic releases next week, market focus may shift to earnings previews from major tech companies. The Nasdaq's technical levels could be tested if selling pressure persists.