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Today’s Live Updates of the Stock Market.

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The S&P 500 index experienced a significant downturn that dropped it below the 5,000 level, marking a clear symbol of the recent market pullback. This decline is part of a larger trend that has seen the index on track for its worst week since September, with the benchmark index on pace for its sixth consecutive down day. Interestingly, the index first reached the 5,000 level in early February, showing the speed and scope of the recent market correction.

In the midst of the market turmoil, Tesla and Micron Technology were among the worst performers on the Nasdaq this week. Meanwhile, American Express emerged as a standout performer on the Dow, driving the blue-chip index higher due to its post-earnings rally. The financial company’s stronger-than-expected earnings per share and reaffirmed full-year guidance propelled its shares up over 4%, leading the index higher in an otherwise challenging market environment.

Despite the volatility and negative sentiment in the market, Needham made a bold move by upgrading Netflix to a buy rating, citing the company’s “tech-first culture” and potential benefits from the artificial intelligence transition. This move came amidst a broader market scenario where macro risks were increasing, impacting equity downside risks. With Goldman Sachs forecasting modest positive equity returns over the next 12 months but highlighting heightened downside risks, the market remains wary as it navigates through challenging economic conditions.

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