U.S. stocks came under pressure again on Friday as investors sold tech and bank stocks amid worries about tighter monetary policy and the ongoing pandemic.
The Dow Jones Industrials collapsed 535.14 points, or 1.5%, at 35,362.50
The S&P 500 index ducked back 58.06, or 1.2%, to 4,610.61. Goldman Sachs lost nearly 4%, while Bank of America and JPMorgan both traded over 2% lower.
The NASDAQ sank 128.06 points at 15,052.38.
The major averages are on track to post a negative week with the NASDAQ being the biggest loser. The tech-heavy benchmark has declined nearly 4%, while the Dow and the S&P 500 were both down more than 1%.
Many megacap tech shares traded in the red. Amazon and Microsoft both lost about 1%, while Alphabet and Meta Platforms also dipped 1% each. Microsoft has lose more than 6% this week alone, and Apple is down 5% on the week.
Shares of one-time EV darling Rivian tumbled 11% Friday after the truck maker said it will fall short of its 2021 production target.
FedEx shares jumped 5% after quarterly earnings and revenue results topped expectations and it announced a $5 billion buyback. The shipper also reinstated its original 2022 EPS forecast.
Prices for 10-year Treasurys gained sharply, lowering yields to 1.38% from Thursday's 1.43%. Treasury prices and yields move in opposite directions.
Oil prices dropped $2.11 to $70.27 U.S. a barrel.
Gold prices heightened $12.10 to $1,810.30 U.S. an ounce.