Former OMB director Russell Vought provides insight into Biden’s economic analysis and argues the president’s policies are ‘problematic.’
U.S. equities were trading mixed on Friday morning, after a late Thursday afternoon sell-off wiped out gains for stocks on Wall Street.
Dow futures suggest a gain of 0.2%, while the tech-heavy Nasdaq looks to decline by 0.3%..
GET FOX BUSINESS ON THE GO BY CLICKING HERE
The sharp about-face was once again directed by technology stocks, which have been behind choppy trading throughout the week.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 34715.39 | -313.26 | -0.89% |
| SP500 | S&P 500 | 4482.73 | -50.03 | -1.10% |
| I:COMP | NASDAQ COMPOSITE INDEX | 14154.020372 | -186.23 | -1.30% |
The S&P 500 lost 1.1% to 4,482.73, a three-month low, with nearly 85% of stocks in the index falling. It’s now down 6% for the year.
The Nasdaq composite index fell 1.3% to 14,154.02, after rising as much as 2.1%. By Wednesday, the index’s recent losses had left it in what Wall Street considers a market correction, or 10% below its peak.
More than 500 Nasdaq stocks hit 52-week lows Thursday, including Starbucks and T-Mobile. Apple fell 1% and chipmaker Nvidia shed 3.7%.
The Dow Jones Industrial Average sank 0.9% to 34,715.39.
The yield on the 10-year Treasury fell to 1.78% from 1.83% late Thursday.
CLICK HERE FOR FOX BUSINESS’ REAL-TIME CRYPTOCURRENCY PRICING DATA
The first week of fourth-quarter earnings season ends Friday on a quiet note, with oil services giant Schlumberger, consumer finance firm Ally Financial, regional bank Huntington Bancshares reporting.
On the economic calendar, the Conference Board will report it’s Leading Economic index for December. Watch for a 0.8% increase from the prior month.
In Europe, London’s FTSE fell 0.7%, Germany’s DAX lost 1.3% and France’s CAC declined 1.1%
In Asia, Japan’s Nikkei fell 0.9% after Toyota Motor Corp. announced production cuts due to parts shortages. The automaker said it will suspend production at 11 plants in Japan for three days, on top of reductions planned in February. Those cuts mean it will fall short of the 9 million vehicles planned for the fiscal year through March, despite healthy demand.
The Hang Seng in Hong Kong added 0.1% and China’s Shanghai Composite index shed 0.9%.
JOBLESS CLAIMS UNEXPECTEDLY RISE TO 286,000, HIGHEST SINCE OCTOBER
The Labor Department provided a disappointing update, reporting that the number of Americans applying for unemployment benefits rose to its highest level in three months as the fast-spreading omicron variant continued to disrupt the job market.
The latest round of corporate earnings is also giving investors a clearer picture of where Americans are spending money and how inflation is impacting the economy.
American Airlines fell 3.2% and United Airlines slipped 3.4% after warning investors that the latest surge in COVID-19 cases will hurt their finances early in 2022. Both airlines reported losses for the fourth quarter, though they were smaller than analysts’ expected.
Netflix shares traded 20% lower in the premarket after adding 8.3 million new subscribers during the fourth quarter of 2021, falling just shy of the 8.5 million the streaming giant had expected.
PELOTON STOCK TANKS ON BIKE PRODUCTION HALT REPORT, COMPANY SAYS CLAIMS ARE FALSE
Peloton shares got pummeled Thursday on reports it is pausing bike production, leading the company to issue an evening statement denying the claims. Shares fell 23.9% to $24.22, a two-year low. Shares were rebounding by more than 7% in the premarket. Thursday evening, Peloton co-founder and CEO John Foley issued a press release stating, “rumors that we are halting all production of bike and Treads are false.”
CLICK HERE TO READ MORE ON FOX BUSINESS
In other trading, U.S. crude oil lost $1.36 to $84.20 per barrel in electronic trading on the New York Mercantile Exchange. It shed 25 cents to $85.80 on Thursday.
Brent crude oil, the basis for pricing international oil, lost $1.32 to $87.08 per barrel.
The Associated Press contributed to this report.
