Goldman Sachs is out with its near-term forex outlook
Investing.com -- Major US tech stocks fell on Friday as investors moved away from equities and toward safer assets following Israel’s airstrikes on Iran.
The group of tech companies known as the Magnificent Seven all traded lower in early morning hours. Apple (NASDAQ:AAPL) dropped 1.2%, Microsoft (NASDAQ:MSFT) declined 1.1%, and Meta (NASDAQ:META) fell 1.8%. Amazon (NASDAQ:AMZN) was down 2%, while Tesla (NASDAQ:TSLA) saw a larger decrease of 2.6%. Nvidia (NASDAQ:NVDA) shares slipped 1.8%, and Alphabet (NASDAQ:GOOGL) declined 1.9% as of 4:54 a.m. in New York.
US equity futures also moved lower, with Nasdaq 100 futures falling nearly 1.5%. Meanwhile, gold prices climbed above $3,400 an ounce as investors sought safe-haven assets.
The market reaction came after Israel conducted airstrikes against Iran, marking a significant increase in tensions between the two countries. This escalation occurred following previous rounds of discussions regarding an Iranian nuclear deal.
Prior to Friday’s decline, the equal-weight Bloomberg Magnificent Seven index had gained 1.4% for the week through Thursday’s close. The index remains down 2.1% year-to-date.
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