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Stocks slipped on Friday as Wall Street attempted to find its footing after a brutal week of selling.
The Dow Jones Industrials decreased 110.66 points to 29,816.41.
The Dow briefly bounced above the 30,000 mark after falling below that level on Thursday for the first time since January 2021. The 30-stock average is down 5% for the week, on track for its 11th negative week in 12.
The S&P 500 dropped 4.76 points to 3,662.01.
The broader index is down 6% and could be headed for its worst weekly performance since March 2020. All 11 of its sectors are at least 15% below their recent highs.
The NASDAQ Composite recovered 92.6 points to 10,738.70. The tech-heavy NASDAQ is down about 6% for the week.
Shares of Intel, Cisco and Salesforce jumped more than 1% on Friday, bringing the Dow slightly higher. All major sectors moved lower on Friday, with the exception of health-care, which traded marginally higher.
Beaten-up tech shares staged a short rally on Friday, with shares of Tesla, Amazon and Netflix up 1%. Travel stocks Airbnb, Carnival and Norwegian Cruise Line added about 1% each.
The moves come as investors are increasingly worried about a potential economic slowdown. Several key pieces of economic data fell short of forecasts this week, ranging from May retail sales to housing starts. Additionally, the Federal Reserve raised its benchmark interest rate by the most since 1994.
Market volatility could be heightened Friday thanks to “quadruple witching.” This refers to the simultaneous expiration of stock index futures, single-stock futures, stock options and stock index options.
This event happens once a quarter and typically leads to a surge in trading volume, making for choppy trading action as traders close out positions.
Treasury prices re-strengthened, lowering yields to 3.21% from Thursday’s 3.25%. Treasury prices and yields move in opposite directions.
Oil prices slid $6.05 to $111.54 U.S. a barrel.
Gold prices faltered $5.80 to $1,844.10 U.S. an ounce.
