The autumn pullback in the stock market worsened Friday, pushing the S&P 500 into a correction and to its worst two-week decline of the year. Read the day's full markets round-up here.
The mood in the market has darkened in October as investors have parsed a wave of earnings results from some of the biggest and most influential companies in America while navigating a punishing bond rout.
The S&P 500 follows the Nasdaq Composite, which ended in a correction earlier this week. On Friday, the tech-heavy index ended higher, boosted by a pop in Amazon shares.
The week was marked with even bigger swings under the surface for everything from technology heavyweights to oil giants.
Alphabet’s earnings disappointed investors, sending the stock down almost 10% for the week, the worst showing since November. Chevron lost more than 13%, the worst weekly decline in more than a year, after the company reported quarterly earnings that were sharply lower than a year earlier.
JPMorgan shares fell after Chief Executive Jamie Dimon announced plans to make his first substantial sale of the bank’s shares since taking over nearly two decades ago.
As of late Friday:
Stocks ended mixed. The S&P 500 ended down 0.5%, and the Dow fell 1.1%, or more than 360 points. The Nasdaq finished up 0.4%.
Exxon Mobil and Chevron shares fell. The companies reported a combined $15.6 billion in profits, on the heels of announcing competing megadeals.
Ford tumbled. The stock dropped sharply after the company withdrew its guidance for the year, citing the impact of the United Auto Workers strike.
Inflation rose in line with expectations. The Fed's preferred gauge showed core prices rose by 0.3% from the previous month.
Bond yields were little changed. The 10-year Treasury yield settled below 4.9%, having topped 5% earlier in the week for the first time in 16 years.
Oil prices rose. Brent, the global crude benchmark, was above $88 a barrel.
Asian stocks were mostly higher. Hong Kong’s Hang Seng Index rose more than 2% and Japan’s Nikkei 225 gained 1.3%.
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