After a volatile session, as is typical on a triple witch day, US stock markets closed in negative territory. “Triple Magic” is the name given to the day on which three contracts expire simultaneously – stock options, stock indices and stock futures – which occurred on Friday.
This triple termination of contracts takes place on the third Friday of March-June and September-December, so the following Friday will be September 15th.
With this in mind, the stock exchanges on the other side of the Atlantic, which started the session with gains, ended up closing in the red. The S&P 500 lost 0.37% to 4,409.59 points, locking in gains in six consecutive days. However, he ended the week on a positive note. The Nasdaq Technology Index lost 0.68% to 13,689.57 points, the Dow Jones Industrial Average fell 0.32% to 34,299.12 points.
Among tech companies — which have reaped gains thanks to a greater commitment to artificial intelligence — the trend has been mixed. Semiconductor maker Micron Technology lost 1.69% on the day it warned of a hit to revenue from a ban on selling components to businesses in China, while Adobe gained 0.87% after reporting better-than-expected second-quarter results.
“The market has seen some crazy swings in both directions with no fundamental or technical reasons. So no one should be drawing conclusions from the movements we are seeing today,” Matt Maley of Miller Tabak + Co told Bloomberg.
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