Selling in US stocks accelerated during the last hour of trading as technical weakness continued to roil the broader market, sending stocks lower for the day and week.
The Nasdaq Composite fell 2.7% and the S&P 500 fell 1.8%, while the Dow Jones Industrial Average fell 450 points, or 1.3%.
All three major moving averages posted their worst weekly decline since March 2020 for the Nasdaq and S&P, and their worst since October 2020 for the Dow.
| ticker | safety | Last | change | change % |
|---|---|---|---|---|
| Me: DJI | DOW JONES AVERAGES | 34265.37 | -450.02 | -1.30% |
| SP500 | S&P500 | 4397.94 | -84.79 | -1.89% |
| I: COMP | NASDAQ COMPOSITE INDEX | 13768.921815 | -385.10 | -2.72% |
Selling off in tech stocks continued, with Netflix down more than 21% after posting weaker-than-expected subscriber growth. The decline is the worst percentage drop in nearly a decade.
| ticker | safety | Last | change | change % |
|---|---|---|---|---|
| NFLX | NETFLIX INC. | 397.50 | -110.75 | -21.79% |
Elsewhere, chip stocks Nvidia and AMD fell, along with Apple.
| ticker | safety | Last | change | change % |
|---|---|---|---|---|
| AAPL | APPLE INC. | 162.41 | -2.10 | -1.28% |
| NVDA | NVIDIA CORP. | 233.74 | -7.76 | -3.21% |
| AMD | ADVANCED MICRO DEVICES INC. | 118.81 | -3.08 | -2.53% |
Intel shares ended little changed after trading higher for most of the session following the announcement of plans to build a $20 billion plant in Ohio.
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| ticker | safety | Last | change | change % |
|---|---|---|---|---|
| INTC | INTEL CORP. | 52.04 | 0.00 | 0.00% |
Peloton shares rebounded after hitting a two-year low. CEO John Foley denied a report that the company is halting bike and tread production as demand slacks. The stock gained 11.7%.
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| ticker | safety | Last | change | change % |
|---|---|---|---|---|
| PTON | PELOTON INTERACTIVE INC. | 06/27 | +2.84 | +11.73% |
The first week of fourth-quarter earnings season ended on Friday, with oil services giant Schlumberger saying earnings rose 86% to $0.41 a share.
Consumer finance firm Ally Financial said earnings of $1.79 per share declined from $1.82 in the same period a year ago, due in part to costs related to its acquisition of Fair Square Financial.
| ticker | safety | Last | change | change % |
|---|---|---|---|---|
| SLB | SCHLUMBERGER N.V | 36.36 | -0.69 | -1.86% |
| ALLIES | Ally Financial Inc. | 47.06 | -1.92 | -3.92% |
As for automakers, Toyota announced it would cut production due to shortages of key parts. The automaker said it would suspend production at 11 plants in Japan for three days, in addition to cuts planned in February. These cuts mean that the target of 9 million vehicles will not be reached.
| ticker | safety | Last | change | change % |
|---|---|---|---|---|
| TM | TOYOTA MOTOR CORP. | 199.77 | -1.70 | -0.84% |
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Cryptocurrencies were also weaker as Bitcoin fell below $40,000. The Federal Reserve released a much-anticipated central bank digital currency report on Thursday that suggests it is more inclined towards banks and other financial firms than the Fed itself to manage digital accounts for customers.
CLICK HERE FOR FOX BUSINESS REAL-TIME CRYPTOCURRENCIES PRICE DATA
Additionally, Robinhood Markets is launching crypto wallets for 1,000 users that will allow them to send and receive cryptocurrencies through their brokerage accounts, according to a company blog post.
| ticker | safety | Last | change | change % |
|---|---|---|---|---|
| HOOD | ROBINHOOD MARKETS INC. | 12.98 | -0.71 | -5.19% |
In the economic calendar, the Conference Board released its Leading Economic Index for December, which was estimated to be up 0.8%.
In commodities, oil ended the session down 2.2% to $85.14 a barrel.
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Ken Martin of FOX Business and The Associated Press contributed to this report.
