Wall Street continues to maintain a risk-off sentiment in Friday’s session, echoing the pessimism triggered by Thursday’s unexpectedly high producer inflation figures.
Major stock indices flashed red, with the tech-heavy Nasdaq 100 once again trailing, while only small caps and energy stocks managed to buck the trend and avoid losses.
The CBOE Volatility Index, or VIX, was up 5%, mimicking Thursday’s gains.
Although Treasury yields held steady around Thursday’s closing marks, the weekly surge of 20-30 basis points across all Treasury maturities marks the worst week for bonds since mid-October 2023, with the iShares 20+ Year Treasury Bond ETF (NASDAQ:TLT) down nearly 3%.
Cryptocurrencies remained tethered to risky assets, with Bitcoin (CRYPTO: BTC) plunging by 5% and falling to $68,000 on Friday.
In the midst of market turbulence fueled by resurging inflationary fears, commodities shone brightly. The Invesco DB Commodity Index Tracking Fund (NYSE:DBC) is poised to log its most robust performance since early January 2024.
While gold held steady at $2,160 per ounce, silver staged a 1.6% gain, reflecting, in part, the broader surge in industrial metals, with copper nearing a one-year-high. Oil remained stable at $80 per barrel, but it has climbed over 4% for the week, trading at its loftiest levels since early November 2023.
Friday’s Performance In Major US Equity Indices, ETFs
| Major Indices | Price | 1-Day % Chg |
| Russell 2000 | 2,040.02 | 0.0% |
| Dow Jones | 38,722.86 | -0.5% |
| S&P 500 | 5,116.29 | -0.7% |
| Nasdaq 100 | 17,810.37 | -1.1% |
| CBOE VIX | 15.19 | 5.5% |
The SPDR S&P 500 ETF Trust (NYSE:SPY) was 1.1% lower to $509.37, the SPDR Dow Jones Industrial Average (NYSE:DIA) inched 0.9% lower to $386.69 and the tech-heavy Invesco QQQ Trust (NASDAQ:QQQ) fell 1.2% to $433, according to Benzinga Pro data.
Sector-wise, the Energy Select Sector SPDR Fund (NYSE:XLE) and the Materials Select Sector SPDR Fund (NYSE:XLB), was the only positive performers for the day, up by 0.1% and 0.2%, respectively. The Technology Sector SPDR Fund (NYSE:XLK) was the laggard, down 1.7%.
Friday’s Stock Movers
- Southern Copper Corporation (NYSE:SCCO) rose 5.4% Friday, and is up by 18.8% for the week, marking the best weekly performance since November 2016.
- Jabil Inc. (NYSE:JBL) slumped by 16.4% after missing revenue estimates last quarter.
- Zillow Group (NYSE:Z) shares tumbled by 7.9%, while Compass Inc. (NYSE:COMP) saw a decline of 5.3%, and Redfin Corp. (NASDAQ:RDFN) dropped by 4%, after the National Association of Realtors agreed to pay $418 million to settle claims on behalf of home sellers regarding broker commissions.
- Adobe Inc. (NASDAQ:ADBE) fell over 14% despite reporting better-than-expected results last quarter. The negative reaction came from a weaker revenue guidance for Q2.
- Geron Corp. (NASDAQ:GERN) surged by 85% following the announcement that the U.S. Food and Drug Administration’s Oncologic Drugs Advisory Committee voted in favor of the benefit-to-risk profile of imetelstat.
- CoStar Group Inc. (NASDAQ:CSGP) rose over 7% after the company announced that Homes.com gained over 149 million unique visitors in February, marking a 567% rise from a year earlier.
Read now: Powell At Crossroads As Inflation Bites Again: Fed Needs To ‘Get Going On The Rate Cuts They Have To Make’ Former Governor Says
Image created using artificial intelligence with Midjourney.
