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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.
