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All three of the major indexes (^DJI, ^GSPC, ^IXIC) closed lower on Friday. The Nasdaq Composite posted the biggest loss, closing 2.7% lower. Hot inflation data and a disappointing consumer sentiment read has investors worried about the condition of the economy.
Market Domination Overtime Anchor Julie Hyman and Yahoo Finance Markets and Data Editor Jared Blikre break down the action at the close.
To watch more expert insights and analysis on the latest market action, check out more Market Domination here.
That's the closing bell on Wall Street. And now it is market domination overtime. Jared Blickre going to be along in a moment to give us some details from today's session. I'm going to start with where the major averages ended the day. Down, in a word. We've got the Dow off by 716 points, off by 1.7%. The S&P 500 finishing near the lows of the session as well, off by nearly 2%. And the Nasdaq leading declines as it has been throughout the session. Large cap tech, really selling off down 2.7%. As we've been talking about, sort of the one-two punch here of PCE, that is the Fed's preferred measure of inflation, coming out this morning hotter than had been expected here. And so that raising some concerns of inflation maybe not decelerating at the same time that tariffs are coming. And the effect of tariffs going to be more evident in these inflation figures, perhaps going forward. So you have that and then tariffs are sort of the other thing here that people are trying to weigh. We got the announcement of auto tariffs, they're supposed to go into effect next week, as well as the announcement of yet more tariffs. So the market sort of bracing itself here going into the weekend. Jared's got a closer look at today's action. Hey Jared.
Thank you, Julie. I'm going to put the S&P 500 year to date, just quickly show the technicals, not looking good. This is a big red down candle that we're seeing there and critically, we sold off from the 200 day moving average. That's that blue line here this week. And I don't have a lot of time, so I'm just, I'm not going to dwell, but suffice to say volatility is inching back up. We got the VIX at 21.74. So over two, uh, over 20 once again. And then we can also take a look at the 10 year T-note yield, which had its biggest drop since the middle of January. That was just before the inauguration and, uh, there's that candle right there. So, uh, definitely a risk off move today, some concerning things. Only utilities in the green for the day and for the week, only staples in the green. Tech down 3.6%. We can also do month to date. We only got one more day left. Only energy in the green. And we're seeing some serious losses in some of the mega cap sectors that I'm highlighting, 6 to 9% off. But let's go to the, let's go to the Nasdaq actually and see what happened today. A lot of dark red on your screen. Microsoft down 3%, Amazon, Alphabet, meta down more than 4%. So is Netflix and Palantir. And just looking at the five day totals, gets a little bit worse. So, uh, not a lot of positive. There is some green in some places. Low volatility, uh, for the week is not a great look. I guess I'll, I'll leave this on the energy sector. Let's see if we can get some green up here. And we are seeing a lot of green for the week in energy, ExxonMobil up 2%.