October 6, 2022

DS Duke

Global Business In World

Stocks Crumble to a Losing Week with Dow Down 500+

2 min read
U.S. stocks came under pressure again in Friday’s volatile session with major averages on track...

U.S. stocks came under pressure again in Friday’s volatile session with major averages on track for a losing week amid worries about tighter monetary policy and the ongoing pandemic.

The Dow Jones Industrials floundered 532.20 points, or 1.5%, to conclude the week at 35,365.94

The S&P 500 index dumped 48.03 points, or 1%, to 4,620.64.

The NASDAQ sank 10.75 points at 15,169.68,

Friday coincided with the expiration of stock options, index options, stock futures and index futures — a quarterly event known as “quadruple witching” that typically comes with heightened volatility.

The major averages were on track to post a negative week with the NASDAQ being the biggest loser. The tech-heavy benchmark declined 2.9%, while the Dow and the S&P 500 were both down more than 1.5%.

The S&P financial sector was the biggest laggard on Friday after bank stocks outperformed in the previous session. Goldman Sachs lost nearly 4%, while Bank of America and JPMorgan both traded over 2% lower.

Many megacap tech shares traded in the red. Amazon and Microsoft both lost about 1%, while Alphabet and Meta Platforms also dipped 1% each. Microsoft lost more than 6% this week alone, and Apple is down 5% on the week.

Shares of one-time EV darling Rivian tumbled 11% Friday after the truck maker said it will fall short of its 2021 production target.

FedEx shares jumped 5% after quarterly earnings and revenue results topped expectations and it announced a $5 billion buyback. The shipper also reinstated its original 2022 EPS forecast.

COVID-19 vaccine makers Moderna and Pfizer are on track to be the biggest gainers in the S&P 500 this week, Moderna with weekly returns of 14%, Pfizer higher 13%.

Prices for 10-year Treasurys gained slightly, lowering yields to 1.41% from Thursday’s 1.43%. Treasury prices and yields move in opposite directions.

Oil prices dropped $1.97 to $70.41 U.S. a barrel.

Gold prices slid 60 cents to $1,797.60 U.S. an ounce.

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