AGL 40.01 Increased By ▲ 1.23 (3.17%)
AIRLINK 197.85 Increased By ▲ 3.56 (1.83%)
BOP 10.37 Decreased By ▼ -0.47 (-4.34%)
CNERGY 7.13 Increased By ▲ 0.26 (3.78%)
DCL 10.61 Increased By ▲ 0.42 (4.12%)
DFML 43.82 Increased By ▲ 0.69 (1.6%)
DGKC 105.67 Increased By ▲ 9.06 (9.38%)
FCCL 39.60 Increased By ▲ 1.53 (4.02%)
FFBL 80.25 Decreased By ▼ -1.18 (-1.45%)
FFL 14.14 Increased By ▲ 0.11 (0.78%)
HUBC 120.56 Increased By ▲ 1.58 (1.33%)
HUMNL 14.67 Decreased By ▼ -0.10 (-0.68%)
KEL 6.16 Increased By ▲ 0.42 (7.32%)
KOSM 8.26 Decreased By ▼ -0.23 (-2.71%)
MLCF 49.61 Increased By ▲ 3.07 (6.6%)
NBP 74.48 Decreased By ▼ -2.75 (-3.56%)
OGDC 197.07 Increased By ▲ 2.29 (1.18%)
PAEL 35.10 Increased By ▲ 0.36 (1.04%)
PIBTL 8.52 Increased By ▲ 0.14 (1.67%)
PPL 176.26 Increased By ▲ 1.69 (0.97%)
PRL 33.26 Increased By ▲ 0.09 (0.27%)
PTC 25.59 Increased By ▲ 1.02 (4.15%)
SEARL 121.04 Increased By ▲ 11.00 (10%)
TELE 9.90 Increased By ▲ 1.00 (11.24%)
TOMCL 35.23 Increased By ▲ 0.40 (1.15%)
TPLP 12.74 Increased By ▲ 1.05 (8.98%)
TREET 18.97 Increased By ▲ 0.41 (2.21%)
TRG 60.28 Increased By ▲ 0.22 (0.37%)
UNITY 39.02 Increased By ▲ 2.53 (6.93%)
WTL 1.83 Increased By ▲ 0.08 (4.57%)
BR100 11,749 Increased By 48.7 (0.42%)
BR30 36,171 Increased By 760.4 (2.15%)
KSE100 109,970 Increased By 916.4 (0.84%)
KSE30 34,131 Increased By 281.6 (0.83%)

NEW YORK: The Nasdaq ended lower on Friday as megacap growth stocks came under pressure after Treasury yields pointed to higher interest rates and shares of ride-hailing firm Lyft plunged following a downbeat profit forecast.

Yields on the benchmark 10-year Treasury note rose to their highest in more than a month following an auction on Thursday of 30-year bonds that saw weak demand.

“Investors are wondering what the bond market is telling us that economic indicators are not telling us,” said Sam Stovall, chief investment strategist at CFRA Research. “Higher bond yields are going to more adversely affect the higher growth technology companies.” But a rally in energy stocks as oil prices climbed on Russia’s plans to cut crude supplies helped push up the Dow and the S&P 500.

The Dow Jones Industrial Average ended up 169.52 points, or 0.5%, to 33,869.4, the S&P 500 gained 8.98 points, or 0.22%, to 4,090.48 and the Nasdaq Composite dropped 71.46 points, or 0.61%, to 11,718.12.

The Nasdaq posted its first weekly fall this year, down 2.41%, while the S&P 500 ended the week lower 1.11% and the Dow Jones lost 0.17%, in a week dominated by hawkish commentary from US Federal Reserve officials and earnings reports from more than half of the S&P 500 constituents.

That comes after a stellar performance by stocks in January. This month, however, strong jobs data and comments from Federal Reserve Chair Jerome Powell stoked worries about how much higher interest rates may need to climb.

“What has been going on for the last few days is that every other day there is a Fed governor going to talk hawkish,” said Kevin Rendino, chief executive of asset manager 180 Degree Capital.

The Russell 1000 Growth index that houses many large-cap growth names fell 0.33%.

Lyft Inc plummeted 36.44% as it lowered prices, raising concerns it was falling behind bigger rival Uber Technologies Inc. Uber shares also dropped 4.43%.

Most of the 11 major S&P 500 sectors edged higher. The energy sector jumped 3.92% as oil prices climbed on Russia’s plans to cut crude supplies, while the consumer discretionary sector fell 1.22%.

More than half of the firms listed on the S&P 500 have reported earnings, with 69% beating profit estimates for the quarter, according to Refinitiv data.

US consumer sentiment improved further in February month-on-month, but households expected higher inflation to persist over the next 12 months, the University of Michigan’s preliminary February reading showed.

After US equities were rattled over the week by strong jobs data, investors are waiting for January consumer inflation data next week for clarity on the Fed’s rate-hike path.

Comments

Comments are closed.