The Nasdaq index in New York ended with a sharp loss on Friday, pressured by disappointing quarterly results from Dell Technologies and AI-chipmaker Nvidia, plus US inflation and consumer data.
The Nasdaq fell 1.2% to close at 21,455.55 points on the last trading day of August. The Dow Jones Industrial Average dipped 0.2% to 45,544.88 points, while the broader S&P 500 slid 0.6% to 6,460.26 points.
This comes after both the Dow and S&P 500 hit record highs on Thursday. Wall Street will remain closed on Monday for the US Labour Day holiday.
Shares of Dell tumbled nearly 9% after the company issued a weaker-than-expected profit outlook for the current quarter. Nvidia dropped 3.4%, following a 0.8% decline the day before when the chipmaker delivered a disappointing revenue forecast for the same period.
Despite concerns about inflation, US consumer spending rose in July. However, consumer confidence took a sharper-than-anticipated dip in August, according to revised data from the University of Michigan.
The inflation figure used by the US Federal Reserve as a key benchmark was in line with economists’ expectations.
Inflation remains a critical factor in shaping the central bank’s interest rate policy. Many market watchers anticipate the Fed may begin lowering rates in September to support the economy, following weak job figures for July.
Elsewhere, chipmaker Marvell Technology plummeted nearly 19% after issuing underwhelming revenue guidance for the current quarter. Caterpillar also fell 3.7% as the construction equipment giant projected a $1.5 billion to $1.8 billion cost hit this year due to tariffs imposed under President Donald Trump.
