Wall Street ends mixed after a trying week

Wall Street ends mixed after a trying week

  • Ross Stores plunges after slashing 2022 guidance
  • S&P 500 +0.01%, Nasdaq -0.30%, Dow Jones +0.03%

May 20 (Reuters) – Wall Street ended on a mixed note on Friday after a volatile session that saw Tesla tumble and other growth stocks also lost ground.

The S&P 500 and Nasdaq recorded their seventh consecutive week of losses, their longest losing streak since the end of the dotcom bubble in 2001.

The Dow Jones (.DJI) suffered its eighth consecutive weekly decline, the longest since 1932 during the Great Depression.

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Concerns about soaring inflation and rising interest rates have hit the U.S. stock market this year, with danger signals from Walmart Inc (WMT.N) and other retailers this week adding to fears about the ‘economy.

The S&P 500 spent most of the session in negative territory and at one point was down just over 20% from its January 3 closing high before ending down 18% from compared to this level and stable for the day.

A 20% close from that all-time high would confirm that the S&P 500 has been in a bear market since hitting that January high, by a common definition.

The tech-heavy Nasdaq (.IXIC) was last down about 27% from its record close in November 2021.

S&P 500 Bear Markets

Weighing heavily on the S&P 500, Tesla (TSLA.O) fell 6.4% after CEO Elon Musk denounced in a report “totally false” allegations that he sexually harassed a hostess air in a private jet in 2016. read more

Other megacap stocks also fell, with Alphabet Inc (GOOGL.O), owner of Apple Google, down 1.3% and Nvidia (NVDA.O) down 2.5%.

Shares of Deere & Co (DE.N) fell 14% after the heavy-equipment maker posted lower quarterly earnings. Read more

A trader works on the floor of the New York Stock Exchange (NYSE) in Manhattan, New York, U.S., May 19, 2022. REUTERS/Andrew Kelly

Pfizer (PFE.N) rose 3.6%, helping the S&P 500 avoid a loss for the day.

Recent disappointing forecasts from major retailers Walmart, Kohl’s Corp (KSS.N) and Target Inc (TGT.N) have rattled market sentiment, adding to evidence that rising prices have begun to hurt consumers’ purchasing power. American consumers.

Ross Stores (ROST.O) plunged 22.5% on Friday after the discount clothing retailer cut its 2022 sales and profit forecast, while brand owner Vans VF Corp (VFC.N) gained 6.1% on strong 2023 revenue outlook.

Traders expect 50 basis point rate hikes from the US central bank in June and July.

The S&P 500 edged up 0.01% to end the session at 3,901.36 points.

The Nasdaq fell 0.30% to 11,354.62 points, while the Dow Jones Industrial Average rose 0.03% to 31,261.90 points.

The most active trades in the S&P 500

For the week, the S&P 500 fell 3.0%, the Dow lost 2.9% and the Nasdaq fell 3.8%.

About two-thirds of S&P 500 stocks are down 20% or more from their 52-week highs.

Volume on U.S. exchanges was 13.0 billion shares, compared to an average of 13.5 billion over the past 20 trading days.

Falling issues outnumbered rising ones on the NYSE by a ratio of 1.16 to 1; on the Nasdaq, a 1.24-to-1 ratio favored decliners.

The S&P 500 posted 1 new 52-week high and 48 new lows; the Nasdaq Composite recorded 11 new highs and 353 new lows.

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Reporting by Amruta Khandekar and Devik Jain in Bengaluru and Noel Randewich in Oakland, California; Editing by Shounak Dasgupta, Arun Koyyur and Grant McCool

Our standards: The Thomson Reuters Trust Principles.

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