Stocks fell lower on Friday, ending the week on a sour note as 2022 continues to pull Wall Street into negative territory. The Nasdaq was hit the hardest, falling over 2.7% on the day, while the Dow Jones Industrial Average and S&P 500 declined by 1.3% and 1.9%, respectively.

For the week, the Nasdaq dropped by 7.6%, marking its worst week since Oct. 2020 and bringing the index more than 14% below its November record close. The Dow and S&P 500 posted their third straight weekly loss, falling 4.6% and 5.7%, respectively. The S&P 500 is off more than 8% from its recent record close.

Here's how the market settled to close out the week:

S&P 500 Index (SPY  ): -1.90% or -85.00 points to 4,397.73

Dow Jones Industrial Average (DIA  ): -1.30% or -449.89 points to 34,265.50

Nasdaq Composite Index (QQQ  ): -2.72% or -385.10 points to 13,768.92

Netflix has worst day in over a decade:

Netflix (NFLX  ) shares plummeted nearly 22% on Friday after the company said in its fourth-quarter earnings report that streaming competition is harming its subscriber growth. However, the stock still beat analyst expectations on user numbers and earnings for the quarter and came in-line with revenue expectations.

That fall marked the streaming giant's worst day since July 25, 2012, when shares fell 25%, and its worst week since July 28, 2012, when the stock fell about 28%.

Bitcoin prices fall sharply, wipe out $150 million from market:

Bitcoin prices fell sharply on Friday, pulling down other cryptocurrencies and erasing nearly $150 million from the crypto market, as rising rates prompt investors to sell their positions in riskier assets.

Bitcoin fell about 10% and traded near $38,330 on Friday, according to Coin Metrics, while Ether plunged more than 13% to $2,752.

Bitcoin prices have been on the decline since November, falling more than 40% from the coin's record high of about $69,000.

Peloton CEO says company is resetting production levels, considering layoffs:

Peloton Interactive (PTON  ) shares rebounded Friday after Chief Executive John Foley said the company is resetting its production levels and considering layoffs in order to make the business more "flexible".

Foley said in a memo sent to employees that was published publicly: "We've found ourselves in the middle of a once-in-a-hundred year event with the COVID-19 pandemic, and what we anticipated would happen over the course of three years happened in months during 2020, and into 2021."

"We feel good about right-sizing our production, and, as we evolve to more seasonal demand curves, we are resetting our production levels for sustainable growth," he added.

Regarding job cuts, Foley said Peloton is evaluating its organizational structure and overall team size. "We are still in the process of considering all options as part of our efforts to make our business more flexible," Foley said.

Moreover, Foley said the rumors that that company is halting all production are false, saying that the media was lacking context on its plans.

Here's how market benchmarks started trading soon after open:

S&P 500 Index: -0.29% or -12.92 points to 4,470.23

Dow Jones Industrial Average: -0.20% or -69.52 points to 34,645.87

Nasdaq Composite Index: -0.41% or -57.82 points to 14,095.93