Stocks fell on Friday, with the Dow Jones posting its worst weekly loss since October, as traders gave into concerns over the Federal Reserve raising interest rates much sooner than previously expected. For the week, the Dow lost 3.5%, while the S&P 500 and Nasdaq declined by 1.9% and 0.2%, respectively.
Sectors that are more sensitive towards economic recovery led this week's sell-off, with Financials
Here's how the market settled to close out the week:
S&P 500 Index
Dow Jones Industrial Average
Nasdaq Composite Index
Roku sees record streaming volume following Roku Originals launch:
"We always believed Roku Originals would perform exceptionally well as free, ad-supported entertainment on The Roku Channel," said Rob Holmes, VP of Programming, in a press release. "The first two weeks have surpassed our expectations, will millions of people streaming Roku Originals, and provided a further demonstration of The Roku Channel flywheel, with great content driving record engagement that's appealing to advertisers seeking to reach the streaming audience."
Morgan Stanley calls Facebook a top pick:
Morgan Stanley analysts on Friday said in a note that Facebook
"We remain most positive on FB within the large cap social media names as we see their leading ROI, product innovation, and monetization call options (Reels, Marketplace, Shopping, etc) enabling them to navigate through difficult near-term engagement headwinds," the analysts wrote. The firm also sees Facebook driving ad growth, noting that "even a slight increase in News Feed ad load could offset any engagement decline."
Fed's Jim Bullard sees first interest rate hike coming as soon as 2022:
St. Louis Federal Reserve President James Bullard told CNBC on Friday that he sees an initial interest rate hike happening in late-2022 as inflation rises faster than previous forecasts had anticipated. Bullard's estimate is sooner than the broader Federal Open Market Committee's outlook for up to two increases in 2023.
"We're expecting a good year, a good reopening. But this is a bigger year then we were expecting, more inflation than we were expecting," Bullard said on CNBC's "Squawk Box." "I think it's natural that we've tilted a little bit more hawkish here to contain inflationary pressures."
Here's how the market stood in morning trade:
S&P 500 Index: -0.91% or -38.23 points to 4,183.63
Dow Jones Industrial Average: -1.29% or -435.42 points to 33,388.03
Nasdaq Composite Index: -0.55% or -78.22 points to 14,083.13