- US stocks tumbled Friday as investors continued to fret over rates and digested disappointing earnings.
Netflix fell over 20% after its earnings report delivered a weak outlook for subscriber growth.- Cryptocurrencies, oil, and gold prices all slipped.
US stocks tumbled on Friday as investors continue to worry about a hawkish $4, interest rate hikes, rising inflation, and disappointing earnings, particularly from mega-cap technology firms.
The tech-heavy Nasdaq Composite — which entered correction territory midweek — tumbled further, dragged by streaming giant Netflix. The Dow Jones Industrial Average slipped more than 300, breaking further below its 200-day moving average. The benchmark S&P 500 slumped to its worst weekly performance since 2020.
Here's where US indexes stood after the 4:00 p.m. ET close on Friday:
- S&P 500>$4: 4,397.73, down 1.9%
- Dow Jones Industrial Average>$4: 34,265.50, down 1.3% (449.89 points)
- Nasdaq Composite>$4: 13,768.92, down 2.72%
$4 $4 after disappointing subscriber outlook. Year-to-date through Thursday, Netflix had lost $4% alongside a broader selloff in tech stocks, which have largely benefitted from a low-interest-rate environment during the pandemic. Three Wall Street analysts $4 why they are less bullish on the stock.
$4, meanwhile, $4 Friday to climb over 10% after a 24% slump in the previous session. The high-end exercise equipment maker acknowledged plans to adjust production to meet lower demand.
US equities as a whole $4 by expectations that the Fed will $4 and start reducing its balance sheet, bringing an end to the central bank's massive support of the US economy through the pandemic.
"Wall Street has gone from debating how aggressive one should rotate out of tech into cyclical," Edward Moya, senior equity analyst at Oanda, said in a Friday note.
Investors, Moya said, seem to have two main concerns: inflationary pressures that could prompt the Fed into becoming overly aggressive in tightening monetary policy, and profit growth expectations that may have been too optimistic amid ballooning labor costs.
Tech earnings coming up including $4, $4, $4, and $4.
"I'm focused on earnings," Jason Brady, president and CEO of Thornburg Investment Management, said in a note. "
The $4 yield edged lower to 1.749% from Thursday's 1.833%. Bond yields move inversely to prices.
In cryptocurrencies, prices have $4 as the assets track the rout in equities.
$4 plunged as much as 10% to a $4 below $38,000 and $4 dropped to under $3,000 as a broad sell-off intensified Friday.
"The decline is not a breakdown, but it brings
Oil slightly edged lower though prices are still near their highest levels since late 2014.
$4 oil fell 0.71% to $84.94 per barrel. $4, oil's international benchmark, dropped as much as 0.87% to $87.61 per barrel as strong demand for the commodity is outstripping global supply.
$4 said Brent could soar to $150 a barrel during the first quarter of 2022 if an ongoing conflict between Russia and Ukraine leads to a supply shock.
$4 slipped 0.48% to $1,830.26 per ounce.