- US stocks tumbled Friday, with the Dow on track for its worst week since March.
- The S&P 500 and Nasdaq Composite are each headed for their third straight losing week.
US stocks fell Friday, with each of the three major indexes heading for losing weeks as bond markets and China's economy fuel a sell-off.
The Dow Jones Industrial Average is on track for its worst week since March, and both the S&P 500 and Nasdaq Composite are on pace to notch their third consecutive weekly declines, which hasn't happened since February and December, respectively.
Meanwhile, bond yields soared on Thursday. Following the release of July's Fed meeting minutes, the 10-year Treasury climbed to its highest level since 2008.
"Rising real rates are only healthy if they come with accelerating population or productivity growth; the US has neither," DataTrek cofounder Nicholas Colas wrote in a note Friday. "We think rising real/nominal rates will continue to hit stocks over the next 4-6 weeks but remain positive on equities since economic/earnings growth remains good."
Traders this week have also been responding to fears of a deepening slowdown in China, with implications for global growth. The country's property markets continues to wobble, while prices are in deflation mode and the government said it will no longer publish statistics on youth unemployment, which has soared above 20% this year.
Here's where US indexes stood as the market opened 9:30 a.m. on Friday:
- S&P 500: 4,340.70, down 0.65%
- Dow Jones Industrial Average: 34,325.61, down 0.43% (-146.94 points)
- Nasdaq Composite: 13,199.07, down 0.88%
Here's what else is going on:
- A veteran analyst said Michael Burry is a "one-trick pony" and his latest bet is a sure loser.
- VinFast lost almost half its value as shares fall after its $85 billion market debut.
- Elon Musk said Warren Buffett missed a trick by not investing in Tesla at rock-bottom valuation.
- The AI hype cycle faces its first setback as summer doldrums drag on some of this year's biggest winners.
- Nobel economist Paul Krugman said Argentina should adopt the euro.
- Hard-up Americans are selling their treasure hoards to get by — including $5,000 Barbies and rare sports collectibles.
In commodities, bonds, and crypto:
- Oil prices dropped, with West Texas Intermediate down 0.32% to $780.13 a barrel. Brent crude, the international benchmark, inched lower 0.6% to $83.64 a barrel.
- Gold edged higher by 0.4% to $1,923.30 per ounce.
- The 10-year Treasury yield fell three basis points to 4.27%.
- Bitcoin tumbled 5.57% to $26,333.01.