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Wall Street closed mixed after a rough week

  • Ross Stores drops after cutting 2022 forecast
  • Standard & Poor’s 500 + 0.01%, Nasdaq -0.30%, Dow Jones + 0.03%

(Reuters) – Wall Street ended mixed Friday after a volatile session that saw Tesla fall and other growth stocks also declined.

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

daw (.DJI) It suffered its eighth consecutive weekly decline, the longest since 1932 during the Great Depression.

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Fears of rising inflation and rising interest rates have hit the US stock market this year, with signs of danger from Walmart (WMT.N) and other retailers this week, adding to concerns about the economy.

The S&P 500 spent most of the session in negative territory and at one point was just over 20% down from its record high on January 3 before ending 18% down from that level and stable on the day.

A close of 20% of that record level would confirm that the S&P 500 has been in a bear market since it reached its highest level in January, according to a joint definition.

Nasdaq high tech (nineteenth) It was last down about 27% from its record close in November 2021.

Bear Markets S&P 500

Weighs hard on the S&P 500, a Tesla (TSLA.O) It fell 6.4% after CEO Elon Musk denounced “completely untrue” allegations in a news report that he sexually harassed a flight attendant on a private jet in 2016. Read more

Shares of other major companies also fell, with Alphabet Inc., owner of Apple and Google (GOOGL.O) down 1.3% and nvidia (NVDA.O) He loses 2.5%.

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Shares of Deere & Co (den) It fell 14% after the heavy equipment manufacturer reported downbeat quarterly revenue. Read more

A trader works on the trading floor of the New York Stock Exchange (NYSE) in Manhattan, New York City, US, May 19, 2022. REUTERS/Andrew Kelly

Pfizer (PFE.N) It rose 3.6%, which helped the S&P 500 avoid losses for the day.

Disappointing recent forecasts from major Walmart retailer, Kohl’s Corp (KSS.N) and Target Corporation (TGT.N) It destabilized market sentiment, adding to evidence that higher prices are beginning to hurt the purchasing power of American consumers.

Friday, Ross Stores (ROST.O) It fell 22.5% after the discount apparel retailer cut its 2022 sales and profit forecast, while brand owner Vans VF Corp. (VFC.N) Gained 6.1% of the strong revenue forecast for 2023.

Traders are pricing in a 50bp rate hike by the US central bank in June and July.

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

The Nasdaq fell 0.30% to 11354.62 points, while the Dow Jones Industrial Average rose 0.03% to 3,1261.90 points.

S&P 500 Busiest Deals

Over the week, the S&P 500 is down 3.0%, the Dow is down 2.9% and the Nasdaq is down 3.8%.

About two-thirds of S&P 500 stocks are down 20% or more from 52-week highs.

Volume on US stock exchanges reached 13.0 billion shares, compared to an average of 13.5 billion over the last 20 trading days.

Low issues outnumbered advanced issues on the New York Stock Exchange by 1.16 to 1; On the Nasdaq, the ratio was 1.24 to 1 in favor of declining stocks.

S&P 500 set new 52-week high and 48 new low; The Nasdaq recorded 11 new highs and 353 new lows.

Additional reporting by Amruta Khandekar and Devik Jain in Bengaluru and Noel Randwich in Oakland, California. Editing by Shunak Dasgupta, Aaron Koyor and Grant McCall

Our criteria: Thomson Reuters Trust Principles.

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