The stock market fell on Friday—with the Dow Jones Industrial Average wrapping up its second straight week of losses—as investors remain on edge about ongoing tensions between Russia and Ukraine as well as the Federal Reserve’s tightening monetary policy.
Stocks added to the previous session’s losses on Friday: The Dow Jones Industrial Average fell 0.7%, over 200 points, while the S&P 500 lost 0.7% and the tech-heavy Nasdaq Composite 1.2%.
Investors continue to worry about rising tensions between Russia and Ukraine, as top federal officials now expect an invasion in the next few days and prospects for avoiding was look less likely, according to a report from The Wall Street Journal.
US Secretary of State Antony Blinken told the United Nations on Thursday that the situation is at a “moment of peril,” with Russia and Ukraine exchanging fresh accusations of violating cease-fires at the border on Friday.
Meanwhile, investor anxiety about the Federal Reserve’s tightening monetary policy continues with the central bank expected to aggressively raise interest rates this year to combat decades-high inflation.
Making matters worse, Wall Street experts are now warning that if the Federal Reserve raises rates too quickly that could spark a sharp economic downturn, market turmoil and even the next recession.
Investors also digested a slew of corporate earnings and news: Shares of video streaming service Roku fell over 20% as the company blamed slowing revenue growth on supply chain issues, and chipmaker giant Intel saw shares drop 5% after the company said it would need to boost spending to catch up with rivals.