NEW YORK, New York – Earnings reports and economic news undermined U.S. stocks on Friday, sending all the major indices into the red.
“Economic data is coming in weaker, kind of confirming the fact that a recession is highly likely over the next 12 months. And the markets are trying to figure out what that looks like with economic growth slowing significantly and the Fed in the midst of pretty aggressive tightening fiscal,” Megan Horneman, chief investment officer at Verdence Capital Advisors in Hunt Valley, Maryland, told Reuters Friday.
The Standard and Poor’s 500 declined 37.32 points, or 0.93 percent, to 3,961.53.
The Dow Jones Industrial Average retreated 137.61 points, or 0.43 percent, to 31,905.67.
The Nasdaq Composite did worst, falling 225.50 points, or 1.87 percent, to 11,834.11.
“Earnings are coming in less bad than feared, but they’re deteriorating from what we got used to and accustomed to over the last several quarters,” said Bob Doll, CIO at Crossmark Global Investments.