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Stock Market News: Dow, S&P 500 Drop
The Nasdaq Composite also fell.
Last Updated:
April 12, 2024 at 5:57 PM EDT
What to Watch Today
Stocks fell Friday, amid earnings reports from several big banks that left investors disappointed.
For live coverage and analysis of the bank earnings, click here.
Geopolitical concerns were also weighing on the broader market amid headlines that Israel is gearing up for a strike from Iran.
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The Dow Jones Industrial Average sank on Friday, as banks kicked off earnings season against a backdrop of market worries about growing conflict in the Middle East.
The Dow dropped 475 points, or 1.2%. The index sank about 2.4% this week, marking its worst week since March 10, 2023, according to Dow Jones Market Data.
The S&P 500 closed 1.5% lower on Friday, while the Nasdaq Composite dipped 1.6%. Every S&P 500 sector closed lower—and just about 40 stocks in the index finished the day with gains. The S&P 500 ticked up from its session lows that were just below its 50-day moving average of 5,110.93 points.
“With the index already below the 20-day moving average, this area was the next logical spot to see a semblance of buy interest, at least over the near-term,” says Frank Cappelleri, founder of technical analysis firm CappThesis.
JPMorgan Chase shares slid after the firm kicked off earnings season with a handful of other banks. Though the reports failed to excite investors after financials rallied earlier in the year, stocks fell across the board amid reports that Israel is bracing for a direct attack by Iran.
“The financial markets are bracing for this calamitous scenario,” writes Ed Yardeni, president and chief investment strategist at Yardeni Research.
The stock market was on track to close out its worst week of the year on Friday, after bank earnings failed to impress Wall Street and worries increased over escalating conflict in the Middle East.
The Dow Jones Industrial Average was down 471 points, or 1.2%. The S&P 500 was down 1.4%. The Nasdaq Composite was down 1.6%.
The Dow is down about 2.4% this week, which would be its largest one-week decline since March 10, 2023, according to Dow Jones Market Data. The S&P 500 was on track for a 1.5% weekly decline, its worst week since Oct. 27. The Nasdaq was down just 0.4% on the week.
All 11 S&P 500 sectors were on track to close the week lower for the first time since Sept. 22, according to Dow Jones Market Data. Financials were the biggest laggard, with a drop of 3.7%. The best performer has been technology, on track for a drop of 0.3%.
Bank earnings were mixed.
Reports Israel is bracing for a direct attack from Iran sent the CBOE Volatility Index surging 23% to 18.37.
The price of gold and oil were both rallying.
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