Key Points
- All three major U.S. stock indexes closed lower on Friday.
- Tech and material stocks led the decline, with KLA Corp and Newmont falling sharply.
- Verizon, Chevron, and Coca-Cola bucked the trend with significant gains.
- Gold prices crashed over 8%, dropping below the $4,900 mark. The U.S. dollar strengthened significantly against the euro and the yen.
Wall Street finished in the red on Friday as investors sold off shares in the technology, industrial, and basic materials sectors. All three major indexes closed lower, with the NASDAQ Composite taking the biggest hit, dropping nearly 1%. The Dow Jones Industrial Average fell 0.36%, while the S&P 500 slid 0.43% to end the session.
Despite the broader market slump, telecom giant Verizon defied the trend. Its stock surged nearly 12%, making it the standout performer on the Dow. Chevron also had a great day, climbing over 3% to reach a three-year high, while Coca-Cola rose nearly 2% to hit a new all-time record price.
However, these gains weren’t enough to lift the rest of the market. Visa was the biggest drag on the Dow, falling roughly 3%. Technology and manufacturing companies also struggled. KLA Corporation, a major player in the semiconductor industry, plummeted more than 15%. Western Digital also had a rough session, dropping over 10%. Newmont Goldcorp saw its shares sink about 11.5% as gold prices took a nosedive.
The commodities market saw some wild swings. Gold futures crashed, falling over 8.6% to settle around $4,894 an ounce. This massive drop likely contributed to the poor performance of mining stocks. On the other hand, oil prices ticked up slightly, with U.S. crude rising to $65.75 a barrel and Brent crude nearing the $70 mark.
The currency markets also saw significant movement. The U.S. Dollar Index strengthened by nearly 0.9%, which pushed the euro down almost 1% against the dollar. The Japanese yen also weakened, with the dollar rising over 1% against it.
Volatility ticked up as well, with the “fear gauge” VIX index rising over 3%. Overall, selling pressure outweighed buying interest across both the New York Stock Exchange and the Nasdaq, leaving investors cautious as they head into the weekend.
