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After a sharp rally earlier in the week and a mild advance the day before, the Nasdaq Composite (COMP.IND) ran out of steam on Friday, as the benchmark index ricocheted off its 100-day moving average, dropping in the wake of monthly employment statistics.
The Nasdaq slid 0.7% on Friday and was unable to fight above the key technical level. This came after the index rallied on Wednesday in a surge inspired by remarks from Federal Reserve Chair Jerome Powell. However, even with that gain, the index paused right at the 100-day moving average.
The Nasdaq has not ended a trading session above the technical level in more than two months, going back to Sept. 12.
The Nasdaq decline impacted a handful of popular exchange traded funds. Some funds in negative territory include the Invesco QQQ Trust (NASDAQ:QQQ), Technology Select Sector SPDR Fund (NYSEARCA:XLK), Vanguard Information Technology Index Fund (NYSEARCA:VGT), iShares U.S. Technology ETF (IYW), and the Fidelity MSCI Information Technology Index ETF (NYSEARCA:FTEC).
Daily price action: QQQ -0.8%, XLK -11.1%, VGT 10.1%, IYW -1.2%, and FTEC -1.1%.
Elsewhere in the market, Treasury Yields marched higher during Friday’s trading session.
Image and article originally from seekingalpha.com. Read the original article here.