Stock Market Today: Stocks Close Lower as Tech Shares Slump
Weakness in several Magnificent 7 stocks created headwinds for the main indexes Friday.


Stocks opened lower Friday and stayed there through the close as several Magnificent 7 stocks sold off. A triple-witching event in the options market likely added to the volatility, with all three main indexes ending the week with a thud.
At the close, the tech-heavy Nasdaq Composite was down 1.0% at 15,973, while the broader S&P 500 was off 0.7% at 5,117 and the blue-chip Dow Jones Industrial Average was 0.5% lower at 38,714.
Friday marked the first triple-witching expiration of 2024. This quarterly event, which is when index futures, index options and stock options all expire at once, can lead to heavy volume and erratic moves in parts or all of the market. Today, options tied to more than $5 trillion in stocks, exchange-traded funds (ETFs) and indexes expired.

Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
But the main driver of today's price action was weakness in the technology (-1.5%) and communication services (-1.0%) sectors. The downside came as several Magnificent 7 stocks declined, including Microsoft (MSFT, -2.1%), Alphabet (GOOGL, -1.3%) and Meta Platforms (META, -1.6%).
Analyst upgrades Snowflake from Sell
Elsewhere, Snowflake (SNOW) fell 1.2% even after Guggenheim Securities analyst John DiFucci upgraded the stock to Neutral (Hold) from Sell. While DiFucci says the cloud-based data platform faces a "mountain of challenges," its near-term setup is "attractive" and guidance for the current fiscal year is achievable.
SNOW's share price is down more than 30% since late February when the company gave weak first-quarter revenue guidance and announced the departure of CEO Frank Slootman.
The stock also happens to be a member of the Berkshire Hathaway equity portfolio, with Warren Buffett & Co. first reporting a stake in Q3 2020 as part of SNOW's initial public offering (IPO).
Adobe sinks after earnings
Adobe (ADBE) was another weak performer Friday, with the Photoshop parent spiraling 13.7% after earnings. Although the company reported higher-than-expected earnings and revenue for its fiscal first quarter and announced a new $25 billion stock buyback program, it gave weak second-quarter sales guidance.
Still, CFRA Research analyst Angelo Zino kept a Buy rating on Adobe stock. Despite the disappointing guidance, there is a strong potential for annual recurring revenue (ARR) to accelerate the rest of this fiscal year as "ADBE looks to monetize new AI offerings," Zino says, adding that Adobe "will also benefit from its large installed base, partnerships, and vast capabilities from ideation/editing/processing/publishing."
Fed meeting on deck
Looking ahead to next week, the Fed meeting could spark volatility in stocks. No change to the federal funds rate is expected this time around but the Fed's Summary of Economic Projections (SEP), or "dot plot," which summarizes what each member expects monetary policy to be going forward, could signal where the central bank expects it to be by year's end.
"Hotter-than-expected inflation data to start the year argue for a hawkish-leaning message from the Fed at the March FOMC meeting," says a team of economists at Deutsche Bank. "That said, in a very close call, we do not yet expect this to manifest in the Fed signaling less easing this year."
While the economists do anticipate a mild upward revision to the Fed's inflation forecasts for this year, "we expect the median dot to stay at three cuts for 2024."
According to CME Group's FedWatch Tool, futures traders are currently pricing in a 51% chance the first quarter-point rate cut will come in June.
Related content
- Get Free Doughnuts From Krispy Kreme Three Days In a Row
- Join the PARTY! (Wordle No. 775) — Friday Is 1,000th Wordle Puzzle Day
- Your Home Selling Costs To Fall Following NAR Settlement
Get Kiplinger Today newsletter — free
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more. Delivered daily. Enter your email in the box and click Sign Me Up.

With over a decade of experience writing about the stock market, Karee Venema is the senior investing editor at Kiplinger.com. She joined the publication in April 2021 after 10 years of working as an investing writer and columnist at a local investment research firm. In her previous role, Karee focused primarily on options trading, as well as technical, fundamental and sentiment analysis.
-
Social Security Is Taxable, But There Are Workarounds
If you're strategic about your retirement account withdrawals, you can potentially minimize the taxes you'll pay on your Social Security benefits.
By Todd Talbot, CFP®, NSSA, CTS™
-
Serious Medical Diagnosis? Four Financial Steps to Take
A serious medical diagnosis calls for updates of your financial, health care and estate plans as well as open conversations with those who'll fulfill your wishes.
By Thomas C. West, CLU®, ChFC®, AIF®
-
Social Security Is Taxable, But There Are Workarounds
If you're strategic about your retirement account withdrawals, you can potentially minimize the taxes you'll pay on your Social Security benefits.
By Todd Talbot, CFP®, NSSA, CTS™
-
Serious Medical Diagnosis? Four Financial Steps to Take
A serious medical diagnosis calls for updates of your financial, health care and estate plans as well as open conversations with those who'll fulfill your wishes.
By Thomas C. West, CLU®, ChFC®, AIF®
-
What Wall Street's CEOs Are Saying About Trump's Tariffs
We're in the thick of earnings season and corporate America has plenty to say about the Trump administration's trade policy.
By Karee Venema
-
To Stay on Track for Retirement, Consider Doing This
Writing down your retirement and income plan in an investment policy statement can help you resist letting a bear market upend your retirement.
By Matt Green, Investment Adviser Representative
-
How to Make Changing Interest Rates Work for Your Retirement
Higher (or lower) rates can be painful in some ways and helpful in others. The key is being prepared to take advantage of the situation.
By Phil Cooper
-
When to Sell Your Stock
Knowing when to sell a stock is a major decision investors must make. While there's no one correct answer, we look at some best practices here.
By Charles Lewis Sizemore, CFA
-
Within Five Years of Retirement? Five Things to Do Now
If you're retiring in the next five years, your to-do list should contain some financial planning and, according to current retirees, a few life goals, too.
By Evan T. Beach, CFP®, AWMA®
-
The Home Stretch: Seven Essential Steps for Pre-Retirees
The decade before retirement is the home stretch in the race to quit work — but there are crucial financial decisions to make before you reach the finish line.
By Mike Dullaghan, AIF®