The Dow Jones Industrial Average rallied on Friday, but stocks ended the week in the negative.
 | FRI, APR 08, 2022 | | | |
| DOW | | NAME | LAST | CHG | %CHG | | AAPL | 170.09 | -2.05 | -1.19% | | VZ | 53.53 | +0.86 | +1.63% | | MSFT | 296.97 | -4.40 | -1.46% | |
| | S&P 500 | | NAME | LAST | CHG | %CHG | | AMD | 101.00 | -2.72 | -2.62% | | TWTR | 46.23 | -1.80 | -3.75% | | AAPL | 170.09 | -2.05 | -1.19% | |
| | NASDAQ | | NAME | LAST | CHG | %CHG | | AMD | 101.00 | -2.72 | -2.62% | | AAPL | 170.09 | -2.05 | -1.19% | | NVDA | 231.19 | -10.89 | -4.50% | |
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The Dow Jones Industrial Average rallied on Friday, but stocks were negative for the week as investors weighed the Federal Reserve's plans to trim its balance sheet. The 30-stock index ended the day up 0.4% after fluctuating through the session. Both the S&P 500 and the Nasdaq Composite declined 0.27% and 1.34%, respectively. The S&P 500 and the Nasdaq also broke a three-week win streak. The tech sector led Friday's losses as consumers continued to pivot toward stability, with chip stocks taking some of the biggest hits. Nvidia fell 4.5% and sank about 13.5% for the week. Technology companies like Tesla, Apple and Alphabet also slipped. |
Stocks seesawed throughout the week as investors digested remarks from the Fed and the implications for the economy. The comments signaled to some investors it was time to pivot toward stocks with stable earnings. For many, that meant defensive names in health care and consumer staples, which continued to climb on Friday. UnitedHealth and Merck posted modest gains. "Not at all unusual to see pretty convex rallies within bear markets," Peter Cecchini, director of research at Axonic Capital told CNBC's "Closing Bell" on Friday. "In fact, they can be some of the most tricky rallies to navigate if in fact one is looking to hedge risk or reposition a portfolio, but I think that is precisely what we have here. It's not surprising to me." The 10-year rate notched a fresh 3-year high on Friday as investors continued to scrutinize minutes from the previous Fed meeting, which indicated the central bank will reduce its balance sheet quicker than expected. Investors are looking ahead to the start of earnings season which will kick off with JPMorgan on Wednesday before the bell. |
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