The stock market entered the final hour of trading on Friday deep in a hole in the wake of a too-hot December jobs report.
The Dow was down 640 points, or 1.5%. The S&P 500 was down 1.3%. The Nasdaq Composite was down 1.4%.
Wall Street was selling stocks across the board in the wake of rising bond yields as market participants pulled back expectations for interest-rate cuts this year. Higher-than-expected inflation expectations from a University of Michigan survey turned a bad day into a selloff.
The stock market has struggled in the final hours of trading so far this year, a trend that carried over from the end of last year. If it continues on Friday, the market would be on shaky footing heading into next week.
On the flip side, some momentum heading into next week’s key inflation readings could help prompt some dip buying, especially if Wall Street considers the impact a resilient economy will have on individual companies.
Can the market bounce back, or will things slide even more? We’ll have our answer soon enough.
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