Wall Street sold almost everything on Friday, the last Friday of 2024, which caused stocks to fall. The Nasdaq Composite COMP -1.49% had a rough time, especially when people sold off Big Tech and chip stocks.
These stocks moved: Tesla TSLA -4.95% dropped 5%, making its losses from Thursday even bigger than they were on Friday, when the car company dropped 1.8%. The price of Tesla TSLA -4.95% has gone up 74% this year. The company that makes electric cars will announce fourth-quarter deliveries next week. Wall Street thinks Tesla will deliver about 510 cars, which would be a record for any quarter but short of the company’s goal of 515,000.
After going down 1.7% on Thursday, Super Micro Computer SMCI -5.22% fell another 5.2%. The price of the stock has gone up and down a lot this year, going as high as $119 and as low as $18. At first, people bought shares of Super Micro because they were excited about AI. But after delayed financial reports and the resignation of the company’s former accountant, the stock price went back down. Its stock price has gone up 13% since January 1.
It went down 2% for Nvidia NVDA -2.09%. The company that makes chips has seen its stock rise 175% this year. Nvidia NVDA -2.09% is best known for making graphics processing units (GPUs), but the company has also made an AI model of Earth’s geography. The company’s head of accelerated data center solutions, Dion Harris, told Barron’s that Nvidia’s Earth-2 has already been used by the National Oceanic and Atmospheric Administration and other groups. While chip stocks were going down on Friday, Broadcom AVGO -1.47% and Marvell Technology MRVL -1.81% shares were also going down.
Netflix stock fell 1.8%, or NFLX -1.80%. The streaming service covered two NFL games on Christmas Day mostly without any problems, unlike the Jake Paul-Mike Tyson fight in November, which had lag and buffering problems. But Netflix NFLX -1.80%’s success seems to have been built into the stock price. Some experts are still optimistic about the streamer’s plans for live sports, but others are still being cautious. This year, the price has gone up 86%.
The livestreaming app Rumble RUM -6.39% went down 6.4% after going up 28% on Thursday. This year, the price has gone up 231%. Rumble (RUM) -6.39% said earlier this week that Tether, the company that makes the same-named digital token, had agreed to put $775 million into the business. The news came after Rumble’s board agreed in November to buy up to $20 million worth of Bitcoin BTCUSD +0.21%.
Bitcoin BTCUSD +0.21% was losing ground on Friday after making gains earlier in the day. In the last 24 hours, Bitcoin’s value has dropped 0.8% to $94,537. It looks like it will lose money for a second week in a row. It’s clear that the new Trump administration will be less strict about controlling cryptocurrencies. They have even thought about making a national reserve of Bitcoin, which has increased interest in the digital currency.
XRP and Ethereum have both gone up in value over the last 24 hours, while Solana has gone down by 1.4% (SOLUSD +3.79%). Because Bitcoin went down in value, Coinbase ^COIN -3.17% went down 3.2%. It is the biggest place to trade cryptocurrencies in the U.S., with $185 billion worth of trades taking place last quarter on Coinbase (COIN -3.17%).
Shares of hospice care provider Amedisys AMED +4.67% went up 4.7% after the company agreed not to back out of a deal to join with UnitedHealth UNH -0.23% Group. The deal for Amedisys to be bought for $3.3 billion in 2023 was supposed to go through, but the Justice Department sued over trade issues to try to stop the deal. Analysts at TD Cowen said that the companies “will find a resolution and complete the merger” after hearing the news on Friday.
Rigetti Computing RGTI +10.62% went up 10.5% to $17.06 after closing at a record high on Thursday. This month, the stock has been going through the roof because of all the excitement about quantum computers.
Palantir Technologies PLTR -3.73% and Vistra VST -3.07%, two of the biggest wins on the market, saw their shares drop 3.7% and 3.1%, respectively.
One of the biggest winners, Lamb Weston LW +2.63%, went up 2.8%. Last week, the stock dropped 23% after the company that makes french fries and other potato products reported an unexpected quarterly loss, cut its financial outlook, and named a new CEO.
