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.
On Friday, the Nasdaq lost 29 to 2243, the S&P 500 fell 14 to 1291, and the Dow tumbled 120 to 11,381. Volume rose to 2.54 billion shares on the NYSE, but declined to 2.33 billion on the Nasdaq. Decliners led 25-6 on the NYSE, and 23-7 on the Nasdaq. Downside volume was 81% on the NYSE, and 81% on the Nasdaq. New highs-new lows were 35-200 on the NYSE, and 72-129 on the Nasdaq.
Expedia plunged 26% after missing estimates, and Nvidia
lost 8% on its results.
Analog Devices gained 4% on strong results and guidance.
