U.S. stocks finished the session lower on Friday, with weakness concentrated in the Industrials, Technology and Basic Materials sectors, pushing major indexes into negative territory at the close.
At the New York Stock Exchange close, the Dow Jones Industrial Average fell 0.95% to register a new three-month low. The S&P 500 slipped 1.33%, and the NASDAQ Composite dropped 1.59%.
Notable movers on the Dow
- Boeing Co (NYSE:BA) was the best performer on the Dow, rising 4.07% or 9.04 points to finish at 231.10.
- International Business Machines (NYSE:IBM) added 0.90%, gaining 2.30 points to close at 258.85.
- Amgen Inc (NASDAQ:AMGN) was up 0.52%, or 1.91 points, to end the session at 369.51.
- On the downside, Caterpillar Inc (NYSE:CAT) declined 3.57% or 25.18 points, settling at 680.90.
- NVIDIA Corporation (NASDAQ:NVDA) fell 3.05% or 5.59 points to 177.75.
- Amazon.com Inc (NASDAQ:AMZN) lost 2.66% or 5.82 points to close at 213.21.
Winners and losers across the S&P 500
- CF Industries Holdings Inc (NYSE:CF) led gains on the S&P 500, up 4.51% to 115.78.
- Boeing Co (NYSE:BA) also featured among the S&P 500's top performers, rising 4.07% to 231.10.
- Kroger Company (NYSE:KR) gained 3.62% to close at 74.16.
- At the bottom of the index, Teradyne Inc (NASDAQ:TER) fell 10.66% to 273.00 in late trade.
- Corning Incorporated (NYSE:GLW) lost 8.50% to settle at 123.29.
- Old Dominion Freight Line Inc (NASDAQ:ODFL) dropped 7.90% to finish at 194.03.
Extreme moves on the Nasdaq Composite
- Peraso Inc (NASDAQ:PRSO) surged 150.30% to 2.03.
- Decent Holding Inc (NASDAQ:DXST) climbed 83.61% to 0.28.
- Edesa Biotech Inc (NASDAQ:EDSA) rose 80.89% to close at 6.53.
- On the downside, Medicus Pharma Ltd (NASDAQ:MDCX) fell 42.87% to 0.39.
- eLong Power Holding Ltd (NASDAQ:ELPW) lost 42.77% to settle at 0.05.
- CCH Holdings Ltd (NASDAQ:CCHH) declined 39.46% to 0.62 at the close.
Breadth and market structure
Declining issues outpaced advancers on the NYSE by 2,117 to 641, with 59 stocks unchanged. On the Nasdaq, 2,258 issues fell versus 1,087 that advanced, and 214 were unchanged.
Notable stock milestones reported during the session: Shares of CF Industries Holdings rose to three-year highs, gaining 4.51% or 5.00 to 115.78. Medicus Pharma Ltd and eLong Power Holding Ltd fell to all-time lows, with Medicus down 42.87% or 0.29 to 0.39 and eLong down 42.77% or 0.03 to 0.05. Edesa Biotech reached a 52-week high, up 80.89% or 2.92 to 6.53.
Volatility, currencies and commodities
The CBOE Volatility Index, which measures implied volatility for S&P 500 options, climbed 24.25% to 29.51, a new six-month high.
In commodity markets, Gold Futures for April delivery rose 1.98% or 100.74 to $5,179.44 a troy ounce. Crude oil for April delivery increased 12.13% or 9.83 to $90.84 a barrel, while the May Brent contract gained 8.54% or 7.29 to trade at $92.70 a barrel.
On the currency front, EUR/USD was virtually unchanged, up 0.03% to 1.16, while USD/JPY rose 0.22% to 157.88. The US Dollar Index Futures declined 0.45% to 98.86.
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Summary - U.S. large-cap averages closed lower with the Dow at a three-month low, led by losses across Industrials, Technology and Basic Materials, while volatility and commodity prices rose sharply.
Key points
- Major averages fell: Dow down 0.95%, S&P 500 down 1.33%, NASDAQ down 1.59%.
- Industrials, Technology and Basic Materials saw meaningful weakness; breadth favored decliners on both exchanges.
- Volatility spiked to a six-month high and commodities such as oil and gold posted sizable gains.
Risks and uncertainties
- Heightened volatility, as reflected in the VIX rise to 29.51, may increase near-term market unpredictability - relevant to equities and options strategies.
- Large single-stock moves and declines to all-time lows for some small caps highlight idiosyncratic risk within the Nasdaq - relevant to small-cap and speculative equity investors.
- Strong moves in commodities including oil and gold could influence sector performance and earnings outcomes for energy and materials companies.