U.S. stocks fell, capping a third weekly decline, as disappointing corporate results and prospects for aggressive interest-rate hikes weighed on sentiment.
The S&P 500 slid 2.8%, the biggest decline since March 7, tipping the benchmark to a weekly decline in the longest run of losses for the period since January. Declines in tech-heavy Nasdaq 100 left it down more than 9% so far in April, poised for the worst month since 2008. Meanwhile, the market’s so-called fear gauge — the Cboe Volatility Index or VIX — jumped to a one-month high. The dollar rose to the highest level since June 2020.
Among corporate earnings, Verizon Communications Inc. had its biggest drop in two years after cutting its full-year sales forecast. American Express Co. fell after the credit-card giant reported that expenses jumped in the first quarter.
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