U.S. stocks fell sharply following a mixed start to earnings reporting season.
The S&P 500 sank 1.5% Friday. The Dow dropped 1.2%, and the Nasdaq composite fell 1.6% from its record. Worries about tensions in the Middle East rattled financial markets, and Treasury yields fell as investors looked for safer places for their money.
JPMorgan Chase was among the stock market’s heaviest weights after giving a forecast for a key source of income that was below analysts’ estimates. The pressure is always on companies to produce fatter profits. But it’s particularly acute now given expectations that interest rates may stay high for a while.
On Friday:
The S&P 500 fell 75.65 points, or 1.5%, to 5,123.41.
The Dow Jones Industrial Average fell 475.84 points, or 1.2%, to 37,983.24.
The Nasdaq composite fell 267.10 points, or 1.6%, to 16,175.09.
The Russell 2000 index of smaller companies fell 39.43 points, or 1.9%, to 2,003.17.
LORD ASHCROFT: Hypocrisy was always the charge against Angela Rayner, not tax
BORIS JOHNSON: This was a machine
Reagan National Airport: Officials investigating another close call between planes
Lady Amelia Windsor reveals her dramatic new haircut on Instagram ahead of summer
Inside Love Island star Jess White's jet
Democrats to nominate Biden by virtual roll call to meet Ohio ballot deadline
At least 19 injured as Russia hits Ukraine's power grid
Trump loved Daily Mail's poll showing a post
Democrats to nominate Biden by virtual roll call to meet Ohio ballot deadline
With strawberries and goats, a ‘farmastery’ reaches out to its neighbors
'Drunk' woman who harassed Kylie Kelce is unmasked as chocolate shop owner Andrée Goldberg