The tech-heavy Nasdaq finished the day down 292 points, as surging bond yields applied pressure on growth stocks once again. The 10-year Treasury yield climbed above 2.8%, back near the three-year highs it had grazed earlier in the week. The Dow and S&P 500 landed in the red as well, as Wall Street unpacked earnings from big bank names and continued to weigh the week's inflation data. For the holiday-shortened week, all three benchmarks finished with losses, with the blue-chip index posting its third-straight weekly decline.
The Dow Jones Average (DJI - 34,451.23) fell 113.4 points, or 0.3% for the day, and 0.8% for the week. Nike (NKE) led the gainers with a 3.7% rise, while Salesforce.com (CRM) dropped to the bottom of the index with a 3.2% loss.
The S&P 500 Index (SPX - 4,392.59) dropped 54 points, or 1.2%, for the day, and 2.2% or the week. Meanwhile, the Nasdaq Composite (IXIC - 13,351.08) lost 292.5 points, or 2.1% in today's session, and 2.7% for the week.
Lastly, the Cboe Market Volatility Index (VIX - 22.70) rose 0.9 points, or 4% for the day, and added 7.2% for the week.
GOLD PRICES SNAP WIN STREAK, OIL POSTS WEEKLY WIN
Oil prices rose for the day, after news that the European Union (EU) is drafting a measure to ban Russian oil. May-dated West Texas Intermediate (WTI) crude climbed $2.70, or 2.6%, to settle at $106.95 a barrel for the day, and 8.8% for the week.
Gold prices snapped their five-day win streak today, with June-dated gold falling $9.80, or 0.5%, to settle at $1,974.90 an ounce. For the week, the front-month contract still added 1.5%.
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