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Dow slips in wake of global outage

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US stocks on Friday Global IT outage Wall Street saw its stocks fall as stock prices fell; The Dow ended its winning streak Technology stocks continue to crash.

Dow Jones Industrial Average (^DJI) fell 0.2%, while the blue-chip index fell more than 1%.^GSPC) remained almost flat, while the Nasdaq Composite Index (^IXIC) rose slightly.

Stocks are facing weekly losses after a volatile few trading days that saw technology stocks sell off sharply, with AI-focused chip stocks taking a hit. Investors have pulled out of the tech giants that have driven the recent rally. Lowercasefrom some people benefit from lower interest rates.

Early in the morning, investors An ‘unprecedented’ failure Attacks on computer systems around the world caused flights to be canceled and affected banks, telecommunications companies, media companies, and others.CRWD) saidix was installed This bug was fixed by Microsoft’s (MSFT) system.

CrowdStrike shares plunged as much as 20% as the outage spread, but by the open they had pared the decline to about 12%. Microsoft shares, which were working to resolve issues with its Azure cloud services, also fell slightly but are recovering.

Meanwhile, Republican presidential candidate Donald Trump In his nominating speech On Thursday, he said he would end the electric vehicle mandate on day one. Markets wake up to the “Trump trade” — How would the former president’s policies affect his wealth if he were to take over the White House?

live4 updates

  • CrowdStrike drops 10% due to global IT outage

    Cloud Strike (CRWD) shares fell 10% on Friday. An ‘unprecedented’ failure Computer systems that affected everything from airlines to hospitals.

    Early Friday morning, CrowdStrike CEO George Kurtz said:ix was installed Due to a malfunction.

    On social media platform X, Kurtz wrote that “CrowdStrike is actively working with customers affected by the flaw found in a single content update for Windows hosts.”

  • Stock prices remain almost unchanged after global IT outage

    On Friday, the stock price Global IT outageWall Street was struggling to recover from selling pressure that sent all major stock averages lower on Thursday.

    Dow Jones Industrial Average (^DJI) fell 0.2% after dropping more than 1% in the previous trading session.

    S&P 500 (^GSPC) remained flat, while the Nasdaq Composite Index (^IXIC) fell 0.2%.

    Investors have been pulling out of tech stocks this week, leading to declines in AI-focused chip stocks.

    Earlier this morning, investors An ‘unprecedented’ failure Computer systems that work with CrowdStrike (CRWD) and Microsoft-based (MSFT) platform.

    CrowdStrike CEO George Kurtz said:ix was installed “CrowdStrike is actively working with customers affected by the flaw found in a single content update for Windows hosts,” he said.

  • Phone interview with the CEO of American Express

    American Express had another strong quarterAXP) plans to increase its marketing budget from $800 million to $6 billion this year, CEO Steven Squeri said on the call.

    Asked whether the election had made him think more cautiously about the second half of the year, he said:

    “If we had been more cautious, we wouldn’t have raised our guidance or increased our marketing or anything like that. I think we’re just going to be consistent and I think that’s the key point here. The Fed is probably going to do what they’re going to do in September. I’m certainly not going to raise rates. They’re probably going to lower rates and they’ll probably lower them again by the end of the year. I think that’s going to help bolster consumer confidence. No one knows what’s going to happen with the November election, but I think we’ll wait and see what happens. The fact is, this company has been around for 174 years and with 30 presidents. We’ll get through whatever it takes.”

  • In other news…

    In news unrelated to President Trump’s speech at the Republican National Convention, Hulk Hogan Take your shirt off at an event A while ago, CloudflareNet) outage is wreaking havoc on life (and stock prices) this morning…

    Netflix reported its earnings last night. Yahoo Finance’s Alexandra Canal breaks it down. hereThe company’s shares were slightly lower in premarket trading amid concerns about its third-quarter subscriber guidance.

    On this point, Jefferies technology analyst Brent Till said:

    “I do not think so [guidance is a problem]Given the strong growth from password sharing over the past 12 months (+39M net adds), the slowdown in subscriber growth is not surprising. It’s worth noting that Q2’s 8M net adds were the highest Q2 quarter the company has reported outside of Q2 2020. Given its content slate (Squid Game S2, NFL Games) and greater seasonality in Q4 than Q3, subscriber growth is expected to accelerate to 7.7M net adds in Q4.

    Makes sense to me.

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