⁍ Technology shares sold off for a third day in a row, while all three major U.S. indexes posted a third straight week of declines.


⁍ It was the Nasdaq’s first such weekly streak since August 2019, and S&P 500 and Dow’s first since early October 2019.


⁍ Friday marked the quarterly expiration of U.S. stock options, stock index futures and index option contracts, known as ‘quadruple witching

– For the first time since early October, the Dow, S&P 500, and Nasdaq all closed in negative territory on Friday, the Wall Street Journal reports. The Dow fell more than 200 points at the open, while all three major indexes were in the red by mid-morning. The tech-heavy S&P 500 was down 1.7%, while the S&P 500 and Nasdaq fell 1.1% and 0.6%, respectively. The Journal notes that all three major indexes have fallen for a third straight week, their first such streak since August 2019. “We had a market peak on Sept. 2, and then we had a rapid decline and a lot of that came in technology and growth stocks that had done so well,” a senior portfolio manager at Globalt Investments in Atlanta tells Reuters. “But even though the market has had a sell-off in technology and growth, ‘it doesn’t mean the (valuation) extremes are fully worked off.'”



Source: https://www.reuters.com/article/us-usa-stocks/wall-street-posts-third-week-of-declines-as-tech-slide-drags-on-idUSKBN2691LP