In the stock market today, the Dow Jones Industrial Average and the S&P 500 faced significant declines while tech stocks took a hit, signaling a challenging day for investors. On the other hand, Nvidia managed to defy the trend, rising ahead of an important artificial intelligence event. Tesla, however, continued its downward trajectory.

The Dow Jones fell by 0.6%, while the S&P 500 tumbled 0.7%. The tech-heavy Nasdaq took the brunt of the losses, dropping by 1% and on track for its first back-to-back weekly losses since early November.

Despite the overall struggles, small caps had a slightly better performance, with the Russell 2000 gaining 0.2% in afternoon trades. This was in line with the expiration of options on Friday, which typically boosts trading volume.

Trading volume on the New York Stock Exchange and the Nasdaq was higher compared to the same time on Thursday, indicating increased activity among investors. The breadth of the market was mixed, with decliners outnumbering advancers on the New York Stock Exchange, while the reverse held true on the Nasdaq.

Among individual stocks, GigaCloud Technology stood out, soaring 24% after reporting a strong quarter and a positive outlook. Nike, however, fell by 0.7% as it heads into earnings next week. The company's shares also faced resistance at the 50-day moving average, adding to its downward trend.

In the Dow Jones index, tech stocks faced significant sell-offs, while Boeing and Caterpillar saw slight gains. Nvidia, on the other hand, rose, breaking a two-day losing streak. The AI chip leader is set to hold the GTC 2024 conference for artificial intelligence developers next week.

Tesla, the electric vehicle giant, struggled to stay afloat, hovering around the break-even line in afternoon trades.

Looking ahead, several companies are set to release their earnings next week. Accenture, in the computer tech services sector, has formed a three-weeks-tight pattern as it tests the 50-day moving average. Lululemon, the apparel maker, is currently in a flat base with an early entry point. Darden Restaurants also offers a similar pattern ahead of its third-quarter results. Additionally, homebuilder stock KB Home is in a buy zone from a flat base's buy point, with first-quarter earnings due on Wednesday.

In other sectors, Smartsheet, an enterprise software stock, fell by 7% after the company projected a slower sales outlook for the current quarter. The deceleration in sales for the past seven quarters has further impacted investor sentiment.

Outside the Dow Jones index, Jabil, an electronics contract manufacturer, experienced a 16% decline due to mixed results and a weak outlook. Ulta Beauty, a specialty retail stock, also fell due to a soft outlook.

Lastly, Madrigal Pharmaceuticals received approval from the FDA for its drug to treat a type of fatty liver disease, resulting in a 13% surge in the drug stock's shares.

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