IXIC: Nasdaq Futures Flat a Day After Nvidia’s Deep Loss Pulled Tech Shares Lower

Three major stock averages made it in green for the week even after chip giant Nvidia dragged tech shares in final session.

• Futures contracts tied to the Nasdaq Composite IXIC were fairly flat and moving sideways ahead of Monday’s opening bell. The tech-heavy Wall Street average declined on Friday after investors dumped shares left and right, especially the shares of Nvidia NVDA. The chip maker erased 3.2% on the day and dragged with it some members of the big tech group of companies.
• Apple stock AAPL and Meta stock META drifted lower by 1% or more each. Microsoft MSFT powered higher and reclaimed the number one spot on the world’s biggest companies list. Last week, Nvidia briefly ruled supreme over all, taking in the rarefied air as the world’s most expensive company. To that end, Apple also passed Nvidia and swooped in as number two.
• Against that backdrop, all three major averages notched wins last week. The Nasdaq was up 0.4% but was outperformed by the 0.6% increase for the broad-based S&P 500. Both indexes logged their third straight week of increases. The Dow Jones Industrial Average turned out the biggest gainer, up 1.6% on the week as investors rotated toward more real-economy stocks such as McDonald’s MCD and Nike NKE.