At the close of trade, the Dow Jones Industrial Average index added 129.84 points, or 0.39%, to 33,826.69. The S&P500 index was down 11.32 points, or 0.28%, to 4,079.09. The tech-heavy Nasdaq Composite Index dropped by 68.56 points, or 0.58%, to 11,787.27. For the week, the Dow ended down 0.13% and the S&P 500 has shed 0.27%, while the Nasdaq rose 0.59%.
The weak finish of the Wall Street was chiefly due to heavy selloff in energy, technology, and materials stocks amid lingering worries about the outlook for interest rates following this week's batch of economic data and comments from Federal Reserve officials.
Reports on U.S. consumer and producer price inflation and retail sales have led to worries the Federal Reserve could raise rates higher than currently anticipated.
Recent comments from Fed officials have added to the concerns, with some suggesting the central bank could raise rates by another 50 basis points next month. Bullard said Thursday he supported the idea of a half-point hike in February to bring the benchmark rate above 5% as soon as possible. Cleveland Fed President Loretta Mester also said she saw a strong case for a bigger increase.
Total 5 of 11 sectors ended lower along with the S&P500 Index. Energy stocks led the way lower, as the price of crude oil tumbled on Friday amid concerns about the outlook for demand. Meanwhile, information technology and materials stocks also declined. On the other hand, consumer staple, utilities, and healthcare stocks showed a strong move to the upside.
Among individual stocks, Moderna shares fell after the biotech company experimental mRNA flu vaccine wasn't as effective as an approved vaccine against influenza B.
DraftKings shares jumped after the gambling company reported a smaller-than-expected loss in the quarter and raised its outlook for 2023, benefiting as more states legalize sports betting. The company reported a loss of 53 cents per share on revenue of $855 million.
Deere & Company shares rose after it raised guidance as farmers continue to buy new agriculture equipment. Deere reported earnings-per-share of $6.55 for its fiscal first quarter, while revenue came in at $11.4 billion.
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