Stocks were mixed on Friday as hotter-than-expected inflation data throughout the week continued to weigh on investor sentiment. The Dow Jones Industrial Average rose over 100 points, while the S&P 500 Index and Nasdaq Composite fell 0.3% and 0.6%, respectively.
Here's how the market settled to close out the week:
S&P 500 Index (NYSE: SPY): -0.28% or -11.32 points to 4,079.09
Dow Jones Industrial Average (NYSE: DIA): +0.39% or +129.84 points to 33,826.69
Nasdaq Composite Index (NASDAQ: QQQ): -0.58% or -68.56 points to 11,787.27
Wall Street ended the week mixed as well, with the Dow falling 0.13% for its third straight negative week. The S&P 500 declined 0.28% for its second losing week in a row, while the Nasdaq rose 0.59%.
Market participants are growing more concerned about the health of the economy amid increasing interest rates by the Federal Reserve as policymakers work to tame persistently high inflation. This past week was met with hotter-than-expected inflation readings, as well as stronger-than-expected retail sales and a continuously tight labor market.
Economists at Bank of America (NYSE: BAC) and Goldman Sachs (NYSE: GS) are predicting the Fed will raise interest rates three more time this year in wake of stubbornly high inflation and resilient labor market, Reuters reports. Both firms expect the Fed to raise its terminal rate up to 5.25% to 5.5% in the Fed's June meeting.
"Resurgent inflation and solid employment gains mean the risks to this outlook are too one-sided for our liking," wrote analysts at Bank of America. "March and May hikes appear very likely, and the Fed might have to hike further if inflation, job growth, and consumer demand refuse to soften."
On the earnings front, DraftKings (NASDAQ: DKNG) shares rose over 15% after the online sports betting company reported fourth-quarter revenue that topped analyst expectations. Active monthly payers also increased by 31% to 2.6 million, also beating estimates for 2.5 million.
DoorDash (NYSE: DASH) shares fell over 7.5% despite the food-delivery company reporting a 40% year-over-year revenue jump of $1.8 billion in its latest quarter. Total orders also came in higher at 467 million, up 27% from the previous year. DoorDash also announced a stock buyback program and forecasted rosy guidance for the current quarter.
Elsewhere for stocks, Moderna (NASDAQ: MRNA) shares fell over 3% after results from the biotech's flu vaccine clinical trials failed to reach some key goals.
Looking ahead, investors will continue to comb through quarterly corporate earnings for more signs of inflation's impact on consumers. Heavyweights like Etsy (NASDAQ: ETSY), Home Depot (NYSE: HD) and Walmart (NYSE: WMT) are all scheduled to report.