© Reuters. A trader works in the trading room of the New York Stock Exchange (NYSE) in Manhattan, New York, USA, May 19, 2022. REUTERS / Andrew Kelly
By Noel Randewich and Amruta Khandekar
(Reuters) – Wall Street closed mixed on Friday after a volatile session saw the fall of Tesla (NASDAQ 🙂 and other growth stocks also lost ground.
The Nasdaq and Nasdaq recorded their seventh consecutive week of losses, their longest streak of losses since the end of the 2001 dot com bubble.
The Dow suffered its eighth consecutive weekly decline, the longest since 1932 during the Great Depression.
Concerns about rising inflation and rising interest rates have hit the US stock market this year, with warning signs from Walmart (NYSE 🙂 Inc and other retailers this week. to fears about the economy.
The S&P 500 spent most of the session in negative territory and, at one point, was down just over 20% from its January 3 closing record before ending with a drop of 18 % respect this level and flat for the day.
Closing 20% from this record level would confirm that the S&P 500 has been in a bearish market since it reached that January high, according to a common definition.
The high-tech Nasdaq was down 27% for the last time since its record close in November 2021.
Chart: S&P 500 bear markets – https://fingfx.thomsonreuters.com/gfx/mkt/klpykodqmpg/Pasted%20image%201653065756392.png
Weighing heavily on the S&P 500, Tesla fell 6.4% after CEO Elon Musk denounced as “completely false” claims in a news report that sexually harassed a flight attendant on a private jet in 2016 .
Other megacap shares also fell, with Apple (NASDAQ :), the owner of Google, Alphabet (NASDAQ 🙂 Inc., losing 1.3% and Nvidia (NASDAQ 🙂 losing 2.5%.
Shares of Deere (NYSE 🙂 & Co fell 14% after heavy equipment maker posted low quarterly earnings.
Pfizer (NYSE 🙂 rose 3.6%, helping the S&P 500 avoid a loss of the day.
Recent disappointing forecasts from major retailers Walmart, Kohl’s Corp (NYSE 🙂 and Goal (NYSE 🙂 Inc. has shaken up market sentiment by adding evidence that rising prices have begun to hurt the purchasing power of American consumers.
On Friday, Ross Stores (NASDAQ 🙂 fell 22.5% after the discount clothing retailer cut its sales and earnings forecasts for 2022, while Vans brand owner VF Corp (NYSE 🙂 , gained 6.1% with a good revenue outlook for 2023.
Traders are pushing prices up 50 basis points by the U.S. central bank in June and July.
The S&P 500 rose 0.01% to close at 3,901.36 points.
The Nasdaq was down 0.30% to 11,354.62 points, while it was up 0.03% to 31,261.90 points.
Chart: The busiest S&P 500 trades – https://fingfx.thomsonreuters.com/gfx/mkt/gdpzyedkzvw/SPX_by_busiest_trades.png
During the week, the S&P 500 fell 3.0%, the Dow lost 2.9% and the Nasdaq fell 3.8%.
About two-thirds of S&P 500 shares have fallen 20% or more since the 52-week high.
US stock market volume was 13 billion shares, compared to an average of 13.5 billion in the last 20 trading days.
The decrease in emissions exceeded those advancing on the NYSE by a ratio of 1.16 to 1; on the Nasdaq, a 1.24 to 1 ratio favored declines.
The S&P 500 recorded 1 new 52-week high and 48 new lows; the 11 new highs recorded and 353 new lows.