U.S. stocks fell sharply following a mixed start to earnings reporting season.
The S&P 500 sank 1.5% Friday. The Dow dropped 1.2%, and the Nasdaq composite fell 1.6% from its record. Worries about tensions in the Middle East rattled financial markets, and Treasury yields fell as investors looked for safer places for their money.
JPMorgan Chase was among the stock market’s heaviest weights after giving a forecast for a key source of income that was below analysts’ estimates. The pressure is always on companies to produce fatter profits. But it’s particularly acute now given expectations that interest rates may stay high for a while.
On Friday:
The S&P 500 fell 75.65 points, or 1.5%, to 5,123.41.
The Dow Jones Industrial Average fell 475.84 points, or 1.2%, to 37,983.24.
The Nasdaq composite fell 267.10 points, or 1.6%, to 16,175.09.
The Russell 2000 index of smaller companies fell 39.43 points, or 1.9%, to 2,003.17.
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