Stocks in Freefall
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A steep plunge in consumer sentiment and rising interest rates kept the stock market under pressure on Friday, with the Nasdaq losing more than 4% on the week.
A one-month decline in the Michigan consumer sentiment survey from 87.4 to 79 showed rising energy prices taking a toll, and treasury yields continue their climb to multi-year highs, unnerving investors.
Techs took the biggest hit on the week, losing ground on a warning from Dell
and disappointing guidance from Cisco
, on top of the broader market's inflation fears.
plunged 26% after missing estimates, and Nvidia
lost 8% on its results.
gained 4% on strong results and guidance.