Stocks were mixed on Friday as the S&P 500 Index and Nasdaq Composite closed out its worst week in nearly two months. The Dow Jones Industrial Average rose nearly 170 points, while the S&P 500 rose 0.5% and Nasdaq lost 0.6%.
Here's how the market settled to close out the week:
S&P 500 Index
Dow Jones Industrial Average
Nasdaq Composite Index
The week's choppy trading on mixed corporate quarterly earnings and hawkish Fedspeak led the Dow to end the week down 0.17%. The S&P 500 and Nasdaq lost 1.11% and 2.41%, respectively, in what became their worst week since December.
In major market moves, Lyft
Lyft also issued disappointing first quarter guidance by expecting revenues of $975 million, below estimates for $1.09 billion. "Our Q1 guidance is the result of seasonality and lower prices, including less Prime Time," CFO Elaine Paul said in a statement, referring to periods of higher demand from passengers where prices increase.
PayPal
"I'm proud of what we have accomplished at PayPal and of the incredibly talented and committed people I work with every day," Schulman said in a statement. "Together, we have reimagined financial services and e-commerce, and worked to improve the financial health of our customers."
Expedia
"We are pleased to see strong lodging demand continue, including total lodging bookings for stays expected to occur in the first half of 2023, continuing to meaningfully outpace 2019 and 2022 levels," Expedia Chief Financial Officer Julie Whalen told investors on a call.
Elsewhere, the University of Michigan's consumer sentiment index's preliminary reading for February came in at 66.4, up from 64.9 in January and above expectations for 65.1. Beneath the headline, consumer's current conditions index jumped to 72.6 from 68.4 in January, while the future expectations index ticked lower to 62.3 from 62.7.
Looking ahead, investors are gearing up for the latest CPI report for January due out on Tuesday for more signs if inflation is cooling in response to the Federal Reserve's hawkish moves.