Wall Street stocks were in the red early on Friday, putting major indices on track for a second consecutive week of losses as investors remain fearful of a coming recession.
As of 1540 GMT, the Dow Jones Industrial Average was down 1.13% at 32,826.38 and the S&P lost 1.23% to 3,848.00, while the Nasdaq Composite came out the gate 0.97% weaker at 10,705.75.
The Dow opened 375.84 points lower on Friday, extending losses recorded in the previous session as market participants continued to process the Federal Reserve’s latest 50 basis point interest rate hike and a disappointing retail sales report.
As far as Friday’s headlines go, traders were mainly focussed on a flash reading of S&P Global’s services and manufacturing PMIs, which revealed economic activity in the US slowed sharply further at the end of 2022.
The manufacturing PMI fell from a reading of 47.7 in November to 46.2 in December, while the services PMI plummeted from 46.2 to 44.4. Both PMIs missed economists’ forecasts of 47.9 and 46.5, respectively, by a wide margin with faster declines in new business being the main driver. A separate PMI tracking output from both sectors also declined significantly, from 46.4 to 44.6.
In the corporate space, Adobe shares continued to trade higher after posting fourth-quarter earnings and issued guidance that both topped expectations, while Olive Garden parent company Darden Restaurants reported better-than-expected quarterly profits and revenues.
Elsewhere, social media giant Meta also traded higher after analysts at JPMorgan upgraded the stock from ‘neutral’ to ‘overweight’.
Reporting by Iain Gilbert at Sharecast.com
Dow Jones – Risers
Amgen Inc. (AMGN) $266.51 0.14%
Honeywell International Inc. (HON) $0.00 0.00%
Dowdupont Inc. (DWDP) $0.00 0.00%
Caterpillar Inc. (CAT) $230.49 -0.07%
Walt Disney Co. (DIS) $90.40 -0.10%
Merck & Co. Inc. (MRK) $109.46 -0.15%
Boeing Co. (BA) $183.30 -0.23%
Procter & Gamble Co. (PG) $150.58 -0.35%
Coca-Cola Co. (KO) $62.88 -0.37%
Dow Chemical Co. (DOW) $49.32 -0.42%
Dow Jones – Fallers
American Express Co. (AXP) $145.89 -2.88%
Verizon Communications Inc. (VZ) $36.92 -2.24%
Unitedhealth Group Inc. (UNH) $517.99 -1.84%
Cisco Systems Inc. (CSCO) $47.33 -1.69%
Home Depot Inc. (HD) $322.24 -1.64%
Chevron Corp. (CVX) $168.35 -1.58%
Goldman Sachs Group Inc. (GS) $344.46 -1.54%
Nike Inc. (NKE) $106.86 -1.52%
International Business Machines Corporation (CDI) (IBM) $140.25 -1.48%
3M Co. (MMM) $120.61 -1.44%
S&P 500 – Risers
Adobe Systems Inc. (ADBE) $347.90 5.84%
Meta Platforms Inc. (META) $122.42 5.40%
Synopsys Inc. (SNPS) $331.73 2.44%
Universal Health Services Inc. (UHS) $134.76 1.68%
Cadence Design Systems Inc. (CDNS) $164.30 1.28%
Freeport-McMoRan Inc (FCX) $38.52 0.97%
Applied Materials Inc. (AMAT) $105.50 0.90%
Dollar General Corp (DG) $248.60 0.70%
Monster Beverage Corp (MNST) $100.27 0.62%
Kroger Co. (KR) $43.74 0.57%
S&P 500 – Fallers
ProLogis (PLD) $111.75 -5.77%
Accenture Plc (ACN) $267.38 -4.89%
Darden Restaurants Inc. (DRI) $135.98 -4.82%
Ford Motor Co. (F) $12.43 -4.64%
Lincoln National Corp. (LNC) $29.43 -4.51%
Equity Residential (EQR) $60.06 -4.30%
Macerich Co (MAC) $11.77 -3.92%
Digital Realty Trust (DLR) $100.24 -3.87%
United Domin Rlty Trust (UDR) $38.82 -3.84%
Apache Corp. (APA) $43.38 -3.71%
Nasdaq 100 – Risers
Adobe Systems Inc. (ADBE) $347.90 5.84%
Meta Platforms Inc. (META) $122.42 5.40%
Trip.com Group Limited (TCOM) $35.88 3.61%
Synopsys Inc. (SNPS) $331.73 2.44%
JD.com, Inc. (JD) $57.55 1.59%
Cadence Design Systems Inc. (CDNS) $164.30 1.28%
Applied Materials Inc. (AMAT) $105.50 0.90%
Monster Beverage Corp (MNST) $100.27 0.62%
Netflix Inc. (NFLX) $291.64 0.42%
Baidu Inc. (BIDU) $114.08 0.34%
Nasdaq 100 – Fallers
Qurate Retail Inc. (QRTEA) $1.69 -11.98%
Illumina Inc. (ILMN) $200.80 -3.21%
Align Technology Inc. (ALGN) $195.60 -3.15%
Charter Communications Inc. (CHTR) $304.50 -2.85%
Vodafone Group Plc ADS (VOD) $10.18 -2.82%
DENTSPLY Sirona Inc. (XRAY) $30.39 -2.80%
Dish Network Corp. (DISH) $14.49 -2.46%
Cognizant Technology Solutions Corp. (CTSH) $55.15 -2.13%
Gen Digital Inc. (GEN) $21.47 -2.12%
Henry Schein Inc. (HSIC) $80.39 -2.09%
