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The S&P 500 fell Thursday, capping a losing week as investors digested mixed earnings results from major banks and rising inflation.
The Dow Jones Industrials tumbled 113.36 points to 34,451.23.
The S&P 500 slouched 54 points, or 1.2%, to 4,392.59
The NASDAQ Composite withered 292.51 points, or 2.1%, to 13,351.08.
The S&P 500 was down 2.1% for the four-day holiday week. The NASDAQ Composite was off 2.6% and the Dow was down 0.78% for the week. Trading is closed at the NYSE on Friday.
Inflation fears drove tech shares lower on Thursday, as investors dropped growth stocks in favor of more stable assets. Microsoft dropped 2.7%, Apple tumbled 3%, and Google slipped 2.4%. Chip stocks also slumped with Nvidia dropping 4.3% and Advanced Micro Devices falling 4.8%.
Elsewhere in the market, Elon Musk offered to buy the social media company for $54.20 a share. Musk said this was his best and final offer for Twitter, which he said needs to be transformed privately in order to thrive. Shares for Twitter initially popped on the news, but afterwards dipped 1.9%. At the same time, Tesla shares dipped more than 3%.
On Thursday, major banks including Goldman Sachs, Morgan Stanley and Wells Fargo posted their first-quarter earnings. Investors are watching how the banks navigated surging inflation and a recession warning from the bond market in the form of a flattening yield curve, as earnings season goes into full swing next week.
Retail sales figures for March slightly missed analyst expectations with a 0.5% gain, according to the U.S. Census Bureau.
That’s compared to the 0.6% consensus estimate from Dow Jones.
Jobless claims jumped 185,000 for the week ending April 9, according to data from the U.S. Labor Department.
Treasury prices gained ground, putting yields back down to 2.83%, from Wednesday’s 2.73%. Treasury prices and yields move in opposite directions.
Oil prices rebounded $1.99 to $106.24 U.S. a barrel.
Gold prices dropped $9.20 to $1,975.50 U.S. an ounce.
Losing Week for Broad Market on Earnings Statements
