DJIA: 34,079.18, down 232.85
S&P 500: 4,348.87, down 31.39
Nasdaq: 13,548.07, down 168.65

Stocks fall for a second straight week

U.S. stocks finished firmly lower on Friday as a confluence of market catalysts dented risk appetite. Geopolitical tensions in Eastern Europe remained in focus, as U.S. officials cautioned that prospects of a diplomatic resolution seemed to be dimming. Additionally, investors contended with conflicting reports from both Russia and Ukraine accusing one another of cease-fire violations. Meanwhile, worries that the Federal Reserve (Fed) would be more aggressive in tightening monetary policy resurfaced after Chicago Fed President Charles Evans, widely seen as a dovish member, called for a “substantial adjustment” of current policy that he described as “wrong-footed.”

All three major averages posted a second consecutive weekly decline. The Dow slid 232 points to extend its weekly drawdown to 1.9%. The S&P 500 lost 0.7% on the day, while the Nasdaq Composite fell 1.2%, with the benchmarks capping weekly declines of 1.6% and 1.8%, respectively. Treasuries advanced, with the yield on the 10-year note down four basis points (0.04%) to 1.92%. In commodities, West Texas Intermediate crude slipped 0.2% to $91.59/barrel, capping its first weekly decline in nine weeks. COMEX gold eased 0.2% to $1896.80/ounce, still capping a third straight weekly advance with its best five-day showing since May 2021 (+3%).

10 of 11 S&P 500 sectors finished in negative territory, with the Consumer Staples group narrowly bucking the downtrend. Technology shares led laggards, with Intel Corp. falling 5.3% after being the subject of downbeat analyst commentary. In other corporate news, Celanese Corp. lost 5.3% after DuPont de Nemours, Inc. agreed to sell the majority of its materials unit to the specialty chemicals maker in a $11 billion deal.

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