Weekly Market Summary: Concern in Israel, Panic on Nasdaq
A dramatic week in the markets: Tel Aviv saw declines amid election results; on Wall Street, Google stock plunged 13% in its worst trading day ever, Intel fell 29% in one day, and Mobileye hit a low. A $6.3 billion hack of Binance led to crypto drops.
The past week was dramatic in financial markets, both in Tel Aviv and on Wall Street. In Tel Aviv, sharp declines were recorded amid political uncertainty following election results that indicated a tie between blocs. On Wall Street, the focus was on the financial reports of tech giants. Alphabet (Google) stock fell nearly 13% on Thursday, its worst trading day ever, after third-quarter reports missed analyst expectations. Intel stock dropped 29% on Friday, also its steepest daily decline since 1974, due to a weak forecast for the next quarter. Subsidiary Mobileye hit an all-time low. Meanwhile, turmoil in the crypto market followed a hack of the Binance exchange totaling about $6.3 billion, leading to declines in stocks of companies operating in the sector.