Stocks dip as markets struggle to erase weekly losses

Stocks slipped on Friday, as investors failed to reverse the losses incurred earlier in the week. The market faced ongoing pressure, unable to sustain the momentum from Thursday’s rally.
Key Indices Performance
- S&P 500: Down 0.2%
- Nasdaq Composite: Fell 0.2%
- Dow Jones Industrial Average: Dropped by 116 points, or 0.3%
Notable Stock Movements
- Paramount Global: Shares climbed around 3% after the company reported stronger-than-expected earnings and announced a 15% reduction in its U.S. workforce.
- E.l.f. Beauty: Shares slipped about 16% following the company’s cautious guidance.
Market Context
This week’s market performance has been challenging, with stocks under pressure due to a mix of factors:
- Disappointing U.S. Payroll Data: Raised concerns about the health of the economy.
- Federal Reserve’s Rate-Cutting Timeline: Uncertainty around the timing has made investors cautious.
- Japanese Yen Carry Trade Unwinding: Added further instability to the global markets.
Thursday’s Rally
Despite the overall tough week, stocks saw a significant uptick on Thursday, following a positive weekly jobless claims report that eased some economic concerns:
- S&P 500: Advanced 2.3%, marking its best day since November 2022.
- Dow Jones: Surged roughly 683 points.
- Nasdaq Composite: Gained nearly 2.9%.
Weekly Performance
- S&P 500: Down 0.4% for the week.
- Nasdaq: Down 0.9% for the week.
- Dow Jones: Down 0.5% for the week.
Both the S&P 500 and Nasdaq are heading for their fourth consecutive losing week.