Tech Stocks Help End a Wall Street Streak

Benchmark S&P has a 4-week streak of gains snapped
By Newser Editors and Wire Services
Posted Aug 19, 2022 3:15 PM CDT
Tech Stocks Help End a Wall Street Streak
Statues adorn the facade of the New York Stock Exchange in this file photo.   (AP Photo/John Minchillo, File)

Stocks finished broadly lower Friday, ending a solid run of weekly gains for major indexes. The benchmark S&P 500 fell 55 points, or 1.2%, to 4,228, marking the end of a four-week winning streak. The Dow fell 292 points, or 0.8%, to 33,706, and the tech-heavy Nasdaq fell 260 points, or 2%, to 12,705. Technology stocks had some of the biggest losses, and the sector's dip weighed heavily on the broader market, per the AP. Microsoft fell 1.3%. Retailers, banks, and communications companies also fell sharply amid the broad slide. Meme stock Bed Bath & Beyond sank 43.8% after the high-profile activist investor Ryan Cohen confirmed that he’s sold his stake in the company.

Bright spots included General Motors, which rose 2.9% after reinstating its dividend. Foot Locker soared 21.1% after replacing its CEO and reporting earnings that beat Wall Street’s estimates. Bond yields, meanwhile, gained ground. The yield on the 10-year Treasury rose to 2.98% from 2.89% late Thursday. Trading had been choppy throughout the week as investors reviewed the latest batch of earnings from retailers and updates on spending, home sales, and the employment market. Big retailers including Walmart and Target have warned investors that inflation is crimping consumer spending. Department store owner Macy's will report its results next week.

(Read more stock market stories.)

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