US Stock Market Today: Nasdaq Falls 1%, S&P 500 Slips As Tech Giants Weigh

The major Wall Street indices extended their losses in early trade on Friday as investors continued to sell amid apprehensions over the US Federal Reserve's projected rate cut in December.

The tech-heavy Nasdaq composite fell 1.05% at open as IT and tech giants like Nvidia Inc., Palantir Technologies Inc., Amazon.com Inc., Meta Platforms Inc., Intel Corp., Microsoft Corp. and Apple Inc. weighed on the index.

The wider index, S&P 500, opened 0.87% lower at 6,678.68, and Dow Jones Industrial Average fell 1.09% to 46,940.93.

At open Nvidia fell 1.14% while Palantir declined nearly 2%. Later Nvidia erased losses to trade 0.49% lower at $186 and Palantir traded 0.23% lower at $171.74. Other major names like Tesla Inc. and Walt Disney Co. also traded 0.46% and 0.68% lower.

After the US markets opened, spot gold fell 2.19% to trade at 4,079.42 an ounce. Crude oil prices were edging higher, with West Texas Intermediate trading 2.56% up at $60.17 a barrel and Brent Crude trading 2.22% higher at $64.42 a barrel.

The Bloomberg Dollar Spot Index fell 0.1% while the Euro rose 0.1% to $1.1650. Whereas, the British pound fell 0.2% to $1.3171 and the Japanese yen rose 0.6% to 153.68 per dollar.

Bitcoin, the largest traded cryptocurrency, fell 4.1% to $94,749.76.