US stocks ended the session lower, amid steep swings, in a wild week that included a better-than-expected April jobs report and a rate hike by the Federal Reserve that was followed by ongoing concerns of a looming recession.
|I:DJI||DOW JONES AVERAGE||32899.37||-98.60||-0.30%|
|I:COMP||NASDAQ COMPOSITE INDEX||12144.661895||-173.03||-1.40%|
The S&P 500 and Nasdaq Composite fell 0.6% and 1.4%, respectively, while the Dow Jones Industrial Average bounced between losses and gains, coming back from a 400-plus point deficit to end with a 98-point loss or off 0.3%. All three major averages posted weekly losses.
The Labor Department reported that the US economy added 428,000 new nonfarm jobs in April. That’s down from 431,000 in March and would mark a record 12th consecutive month of gains at or above 400,000. The unemployment rate held at 3.6%.
The Dow Jones Industrial Average lost over 1,000 points Thursday as investors wrestled with whether the Federal Reserve can successfully avoid a recession. The yield on the 10-Year Treasury rose to 3.124% Friday.
Elsewhere, Under Amour shares fell sharply after posting a quarterly loss of $59.6 million, or $0.13 per share, compared to a profit of $77 million, or $0.17 per share, a year ago.
|u.a||UNDER ARMOR INC.||9.84||-3.44||-25.90%|
COVID-19 lockdowns in China remain a headwind for the athletic apparel giant.
“As global supply challenges and emergent COVID-19 impacts in China eventually normalize, we are confident that the strength of the Under Armor brand, coupled with our powerful growth strategy, positions us well to deliver sustainable, profitable returns to shareholders over the long term ,” Under Armor President and CEO Patrik Frisk said in the company’s earnings release.
Cigna shares rose after beating profit expectations and raising its 2022 outlook. It now stands to earn $22.60 per share, up from a prior goal of $22.40.
DoorDash sales soared in the first quarter as the company added more customers, sending shares higher.
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Russia’s war on Ukraine, high oil prices and global supply chain disruptions are adding to investor unease.
|USO||UNITED STATES OIL FUND LP||82.13||+1.65||+2.05%|
|BNO||UNITED STS BRENT OIL FD LP UNIT||32.41||+0.64||+2.01%|
Oil prices gained about 5% on concerns about supply as the European Union prepares new sanctions on Russia, which would include an embargo on crude oil. US West Texas Intermediate (WTI) crude closed at $109.77 a barrel. Brent futures gained 2.1%, to $112.39 a barrel.
Bitcoin traded below $36,000, mirroring the downward volatility in stocks.
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Bausch + Lomb Corp. priced its IPO at $18 a share Thursday, falling short of expectations as it became the first big company in months to try going public in a turbulent stock market.
FOX Business’s Ken Martin and The Associated Press contributed to this report.