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Thursday Closed Low for the Stock Market. What to Expect for Friday?

The Dow Jones lost 500 points and dropped 0.98% on Thursday before trading finished. The other major indices were down as well, with the S&P 500 falling 0.46% and the Nasdaq Composite declining by 0.64%.

Stock market rally expected to stretch further

There was a major stock selloff on Thursday as more economic data came in and showed a slowdown in growth. The numbers pointed to high inflation hanging around for longer than expected, causing investors to dump their riskier stocks.

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Investors were looking forward to multiple interest rate cuts this year, but they are likely to only get one in the fall, around September. The Federal Reserve is still hesitant to enact any rate cuts when inflation remains elevated and shows little sign of decreasing.

A few stocks did very well this week, though, with Microsoft gaining 4%, and Alphabet climbing 12% after good earnings reports.

Friday’s Stock Market Outlook

For the last day of trading for the week, we are expecting to see earnings reports from gas giants Exxon Mobil and Chevron. In premarket trading for Friday, Chevron lost 0.2% ahead of its earnings report. Exxon Mobil dropped about 1.27% before the market opened, with the expectation that its first quarter earnings report will come with a mild forecast for the year.

We are also getting earnings reports from Phillips 66, Colgate-Palmolive, and Charter Communications. Expect to see more movement from those companies that reported earnings on Wednesday and Thursday and are still feeling the hit or coasting on the positive reports. These include T-Mobile, Comcast, and Intel, among a bunch of other tech companies that have been major market shifters so far this year.

Look for movement from AI-related stocks as well during this incredibly busy week for the market, including Alphabet, Meta Platforms, and Nvidia. As investors start watching the market closer with all of these quarterly revenue figures coming in, they will likely take the time to check on stocks that have performed well this year and that are driving the market through their association with artificial intelligence. 

 

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ABOUT THE AUTHOR See More
Timothy St. John
Timothy St. John
Financial Writer - European & US Desks
Timothy St John is a seasoned financial analyst and writer, catering to the dynamic landscapes of the US and European markets. Boasting over a decade of extensive freelance writing experience, he has made significant contributions to reputable platforms such as Yahoo!Finance, business.com: Expert Business Advice, Tips, and Resources - Business.com, and numerous others. Timothy's expertise lies in in-depth research and comprehensive coverage of stock and cryptocurrency movements, coupled with a keen understanding of the economic factors influencing currency dynamics. Timothy majored in English at East Tennessee State University, and you can find him on LinkedIn.
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