The stock market sold off at midday Friday as the S&P 500 started falling with another spike in the benchmark Treasury yield. Techs and the Nasdaq composite led losses.
The Nasdaq fell 0.9% after some software and chip stocks weakened. The S&P 500 reversed lower 0.1%. The major indexes were still on pace for second straight week of gains. The Nasdaq and S&P 500 are on track for a 1% gain for the week.
The Dow Jones Industrial Average was a fraction higher. The small-cap Russell 2000 lost 0.3%. Volume rose on the Nasdaq and NYSE compared with the same time on Thursday.
The S&P 500 peaked around 10:45 a.m. ET, just as the yield on the 10-year Treasury note resumed a spike higher. The yield rose to 2.47 earlier today, paused for more than an hour, then started rising again at 10:45 a.m. to 2.47%. This week, the yield is up 32 basis points, as the bond market prices in a series of expected interest-rate hikes.
Semiconductor stocks, which have been rebounding, fell Friday. IShares Expanded Tech Software grew its loss to 2.1% at midday. Consumer Discretionary Select Sector SPDR fell 0.7%.
U.S. Stock Market Today Overview |
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|---|---|---|---|---|
| Index | Symbol | Price | Gain/Loss | % Change |
| Dow Jones | (0DJIA) | 34716.10 | +8.16 | +0.02 |
| S&P 500 | (0S&P5) | 4516.16 | -4.00 | -0.09 |
| Nasdaq | (0NDQC ) | 14065.83 | -126.01 | -0.89 |
| Russell 2000 | 205.33 | -0.51 | -0.25 | |
| IBD 50 | 39.21 | -0.47 | -1.18 | |
Last Update: 11:48 AM ET 3/25/2022 |
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The price of U.S. crude oil — a focal point for the stock market — rose 1.3% to $113.73 a barrel.
Apple Nears Buy Point
Major stocks are making incremental improvements. Microsoft fell 1.5% and is trying to hold its 200-day moving average. Apple is on pace to end an eight-day win streak. It is closing in on a double bottom entry.
Nvidia is on track for a second straight week of hearty gains. Alphabet regained its 200-day line this week. Tesla has climbed for eight sessions in a row, but was down 1.3% at midday.
Bed Bath & Beyond pared gains to 3% after the retailer reached an agreement with activist investor Ryan Cohen, who has been pushing for the company to explore a sale and other strategic alternatives. Cohen owns a 9.8% stake in Bed Bath & Beyond.
Under the pact, the company will add three board directors designated by Cohen. The retailer's stock soared March 7 after Cohen disclosed his stake in the company. Shares have seen several spikes as they try to recover from a decline of more than a year.
Civitas Resources broke out of a messy base with a 59.75 buy point in big volume. The oil and gas producer's relative strength line is at new highs. California Resources, another energy stock, topped a 46.60 buy point.
Cannabis Among Stock Market Gainers
Cannabis stocks are trying to rebound from a yearlong slump that took some of those under 10 a share. The U.S. House of Representatives next week will consider a bill to decriminalize marijuana.
ETFMG Prime Alternative Harvest, an ETF that tracks cannabis stocks, reduced its early gain to 1% and is up 9.5% this week. Tilray Brands trimmed gains to 8% today. Canopy Growth added 6.5% early on but was nearly flat at midday.
WillScot Mobile Mini broke out of a double-bottom base with a 39.74 buy point. Volume was heavy. Earlier this week, the provider of portable storage products said it acquired a portfolio of blast-resistant modules from Satellite Structures.
In Europe, the London FTSE 100 rose 0.2%. The Paris CAC 40 trimmed its gain to 0.1% and the German DAX climbed 0.2%. The Russian stock exchange, which reopened Thursday after a monthlong closure, closed 3.7% lower Friday.
Asian stocks were mainly lower. The Tokyo Nikkei 225 edged up 0.1%. The Shanghai composite fell 1.2%. The Hong Kong Hang Seng slid 2.5%.
Chinese stocks were broadly lower. Nio slid 11% after the EV company's results for the fourth quarter were mixed.
Later this morning, the University of Michigan's consumer sentiment survey comes out. The gauge has been falling as inflation takes a rising toll on households. Also today, pending home sales data for February comes out. Economists expect an increase of 0.9% after a 5.7% decline the previous month.
