US STOCKS-Wall Street ends mixed after punishing week


Band Noel Randewich and Amruta Khandekar

May 20 (Reuters)Wall Street ended a lackluster Friday after a volatile session that saw Tesla tumble and other growth stocks also lost ground.

The S&P 500 and Nasdaq recorded their seventh consecutive week of losses, their longest losing streak since the end of the dotcom bubble in 2001.

The Dow .DJI suffered its eighth straight weekly decline, its longest since 1932 during the Great Depression.

Concerns about soaring inflation and rising interest rates have hit the US stock market this year, with danger signals from Walmart Inc. WMT.N and other retailers this week, adding 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 high before ending down 18% from compared to this level and stable for the day.

A 20% close from that all-time high would confirm that the S&P 500 has been in a bear market since hitting that January high, by a common definition.

The tech-rich Nasdaq .IXIC was down about 27% from its record close in November 2021.

Weighing heavily on the S&P 500, Tesla TSLA.O fell 6.4% after chief executive Elon Musk in a news report denounced claims as “totally false” that he sexually harassed a flight attendant on a private jet in 2016.

Other megacap stocks also fell, with Alphabet Inc, owner of Apple Google GOOGL.O down 1.3% and Nvidia NVDA.O lose 2.5%.

Deere & Co shares LAIR fell 14% after the heavy-equipment maker posted pessimistic quarterly revenue.

Pfizer PFE.N rose 3.6%, helping the S&P 500 avoid a loss for the day.

Recent disappointing forecasts from major retailers Walmart, Kohl’s Corp KSS.N and Target Inc. TGT.N rattled market sentiment, adding to the evidence that rising prices have begun to hurt the purchasing power of US consumers.

On Fridays, Ross stores ROST.O plunged 22.5% after the discount clothing retailer cut its 2022 sales and profit forecast, while brand owner Vans VF Corp VFC.N gained 6.1% on strong revenue outlook for 2023.

Traders expect 50 basis point rate hikes from the US central bank in June and July. FEDWATCH

The S&P 500 edged up 0.01% to end the session at 3,901.36 points.

The Nasdaq fell 0.30% to 11,354.62 points, while the Dow Jones Industrial Average rose 0.03% to 31,261.90 points.

For 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 stocks are down 20% or more from their 52-week highs.

Volume on U.S. exchanges was 13.0 billion shares, compared to an average of 13.5 billion over the past 20 trading days.

Falling issues outnumbered rising ones on the NYSE by a ratio of 1.16 to 1; on the Nasdaq, a 1.24-to-1 ratio favored decliners.

The S&P 500 posted 1 new 52-week high and 48 new lows; the Nasdaq Composite recorded 11 new highs and 353 new lows.

The most active trades in the S&P 500https://tmsnrt.rs/3Lte7Zj

Bear Markets S&P 500https://tmsnrt.rs/3lrWFKr

(Reporting by Amruta Khandekar and Devik Jain in Bengaluru, and Noel Randewich in Oakland, California; Editing by Shounak Dasgupta, Arun Koyyur and Grant McCool)

((noel.randewich@tr.com; Twitter: @randewich))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


nasdaq

Not all news on the site expresses the point of view of the site, but we transmit this news automatically and translate it through programmatic technology on the site and not from a human editor.
Back to top button