Stocks Fall in Volatile Trading



Stocks lost ground in volatile trading on Friday, as investors struggled to find support after the Dow Jones Industrial Average posted its worst day since 2020.

The 30-stock index waned 173.6 points to 32,824.37.

The S&P 500 slid 12.14 points to 4,134.73,

The NASDAQ Composite dropped 48.68 points, to 12,269.01.

Technology stocks bore the brunt of Thursday’s fall, with cloud companies, e-retailers and mega-cap names seeing steep declines.

The largest stocks in the market shuffled between gains and losses on Friday. Shares of Amazon and Apple each held on to slight gains, while Alphabet and Microsoft dipped.

Energy was a bright spot for the market, with EOG Resources jumping 5%.

Speculative areas of the market such as biotech and solar energy were hit hard on Friday. Illumina dropped more than 12%, while Enphase Energy fell 6%.

On the earnings front, shares of Under Armour dropped more than 22% after the apparel company missed estimates on the top and bottom lines. That appeared to hurt rival Nike, whose shares dropped more than 3% and weighed on the Dow.

Insurance stock Cigna jumped more than 4% after a better-than-expected quarterly report.

The losses on Friday put the three major indexes on track to finish lower for the week despite starting with three straight positive sessions.

Thursday’s losses erased Wednesday’s big post-Federal Reserve meeting rally. Fed Chair Jerome Powell ruled out the prospect of larger rate hikes on Wednesday, sending the S&P 500 and the Dow to their best daily gains since 2020.

The losses came despite an April jobs report that showed a gain of 428,000 jobs, more than the 400,000 expected by economists surveyed by Dow Jones.

Treasury prices jumped sharply, with yields falling to 3.09% from Thursday’s 3.03%. Treasury prices and yields move in opposite directions.

Oil prices gained $2.57 to $110.83 U.S. a barrel.

Gold prices jumped $11.80 to $1,887.50 U.S. an ounce.