The indices have being under pressure as fighting between Israel and Hamas has intensified. A rise in borrowing costs, with the 10-year Treasury yield recently approaching 5%, has also weighed on markets. The benchmark yield fell on Friday and stood at 4.924%.
Federal Reserve Could Keep Interest Rates Steady at Next Meeting, Chair Jerome Powell Says said Thursdayas higher yields were tightening financial conditions.
Shares of American Express fell, even though the credit card company reported record quarterly earnings and revenue. (Here is a Heard on the street confront Amex.) Another round of disappointing results pressured bank stocks.
The indices ended lower. The S&P 500, Nasdaq Composite and Dow Jones Industrial Average were all in the red, including a 1.5% daily drop for the tech-heavy Nasdaq. The Dow Jones lost 287 points.
He A rough run for small cap stocks continued. The Russell 2000, which closed Thursday at a 2023 closing low, fell further on Friday.
Solar Energy Stocks Plunge after equipment manufacturer SolarEdge Technologies cut guidance.
Oil rose. The first-month contract for Brent crude oil rose, ending the week at just over $92 a barrel. Energy stocks fell.
Gold continued its rise. The precious metal, seen by some as a safe-haven asset, settled at $1,982 an ounce, its highest daily close since May.
