Stocks closed lower on Friday, with the benchmark S&P 500 posting its second straight weekly decline. The broad market index lost 0.65% to close at 5,117.09, while the Nasdaq Composite pulled back 0.96% to 15,973.17. The Dow Jones Industrial Average slipped 190.89 points, or 0.49%, to close at 38,714.77.
Analyst Brandon Rolle at D.A. Davidson warned that three boating stocks, Brunswick Corp., MarineMax, and OneWater Marine, are threatened by proposed federal regulations limiting boat speeds along the Eastern Seaboard. The rule aims to reduce the number of boats striking right whales by limiting their speed to 10 knots off the coast from Massachusetts to central Florida seven months a year.
The VanEck Semiconductor ETF (SMH) is set to have its worst week since January, dropping nearly 3%. Marvell, AMD, and Taiwan Semiconductor led the fund down, with each tumbling more than 6% in the week.
In other news, consumer sentiment for March missed estimates, with the Survey of Consumers posting a reading of 76.5, slightly below expectations. The University of Michigan survey showed that consumers are in a holding pattern, waiting for signals on the economy’s direction.
Bitcoin experienced a 7% drop overnight, with the selling pressure likely coming from the options market, according to Crypto.com CEO Kris Marszalek.
Overall, despite some negative movements in the market, stocks are still on track to end the week higher, with the Dow and S&P 500 up around 0.5% each, and the Nasdaq Composite adding 0.3%. Stay tuned for more updates on the market as trading continues.
