Dow Jones ends lower, posts gains for third week

The US stock indices declined during the last trading session of the week, on selling pressures in the information technology sector amid concerns about new export restrictions. This coincided with the technical issues caused by CrowdStrike.

The Dow Jones Industrial Average dropped 377 points, or 0.95%, closing at 40,287 points. The indexreduced its weekly gains to 0.70%, however, itposted a weekly risefor the third straight week.

The S&P 500 index edged down nearly 0.7%, or 39 points, to end at 5,505 points, ending a two-week winning streak. The index recorded a weekly loss of 1.95%, demonstrating the worst weekly performance since April 19% (-3%).

The Nasdaq Composite Index declined 0.8%, or 144 points, to17,726 points, recording a weekly loss of 3.65% and ending a three-week winning streak. The index showed the weakest performance in three months, when it shed 5.5%.

Elsewhere, the STOXX Europe 600 Index shed 0.75% to 510 points, extending its downtrend for the fifth straight session. It posted weeklylosses of 2.7%, ending two-week gains.

Germany’s DAX 40 Index slid 1% to 18,171 points.FTSE 100 closed 0.6% down at 8,155 points. The CAC 40 Index finished 0.7% lower at 7,534 points.

The Nikkei 225 closed 0.15% down at 40,063 points. TOPIX also fell by0.25% to 2,860 points. Both indices lost almost 2.75% and 1.15% duringthe week, respectively.

In the oil market, Brent crude futures for September delivery fell by 2.9%, or $2.48, to $82.63 a barrel, recording weekly losses of 2.8.

Meanwhile, WTI crude for August delivery dropped by 3.25%, or $2.69, to $80.13 a barrel.

As for gold, the prices of gold futures for August delivery decreased by 2.35%, or $57.3, to $2,399.10 per ounce, recording a weekly loss of 0.9%. The yellow metal ended a tree-week winning streak.