On Friday, the major US stock indices posted gains to conclude a week of significant fluctuations, with each index recording an increase. The S&P 500 (^GSPC), Dow Jones Industrial Average (^DJI), and Nasdaq Composite (^IXIC) all recorded weekly gains.
The S&P 500 and Dow rose 0.8% on Friday, while the Nasdaq increased by 0.7%. Among the major indices, the Nasdaq recorded the highest weekly gain, rising over 1.2%.
Shares of Amazon (AMZN) declined by over 3% after the company cautioned about a slowdown in its AWS cloud business during its earnings conference call on Thursday evening. Snap (SNAP) shares fell over 17% as the company warned of a revenue slowdown due to a sluggish ad market, which is weighing down the firm’s growth.
Investors also closely watched First Republic’s (FRC) stock, as the struggling lender seemed likely to enter FDIC receivership over the weekend, with reports indicating that the US government had been unable to find a buyer for the bank. On Friday, First Republic’s stock dropped over 40%.