A warning from Micron Technology and hawkish comments from Federal Reserve officials sent stocks to their worst weekly loss in two months Friday.
Micron’s warning of steep declines in memory chip pricing this quarter sent its stock 3% lower and the rest of the chip sector with it. Rising oil prices and comments from Fed officials that more interest rate hikes may be needed hit the broader market.
Alcatel Lucent lost 3% after reporting a quarterly loss in its first post-merger earnings report and announcing additional layoffs.
Broadcom , Digital River
, Blue Coat
, Open Text
, LivePerson
and Applix
rose on their earnings reports.
But Gateway , McAfee
, BMC
, Silicon Image
and United Online
fell on their results.
The Nasdaq fell 29 to 2459, the S&P 500 lost 10 to 1438, and the Dow fell 57 to 12,580. Volume rose to 2.9 billion shares on the NYSE, and 2.23 billion on the Nasdaq. Decliners led 22-10 on the NYSE, and 20-10 on the Nasdaq. Downside volume was 70% on the NYSE, and 75% on the Nasdaq. New highs-new lows were 261-22 on the NYSE, and 159-40 on the Nasdaq.