The benchmark index lost 0.2% on the day and 2.9% on the week. The Nasdaq Composite also fell for a third straight week, with technology stocks bearing the brunt of the recent selloff.
This week’s stock market downturn was triggered by a sell-off in Treasury bonds as the prospect of a prolonged high interest rate environment weighed on Wall Street.
Stocks slipped. All three major indexes ended the day and week in the red. The Nasdaq posted its biggest weekly decline, falling 3.6%
Government bond yields fell. The 10-year bond yield settled at 4.438%, down from 4.479% on Thursday.
IPO stocks fell. Shares of this month’s IPOs – including the recent Klaviyo IPO – closed lower.
Ford shares rose. The United Auto Workers union spared the automaker from further strikes due to progress in collective bargaining.
Seagen shares recovered. The biotech company released positive results from a Phase 3 trial of a cancer drug combination, including its Padcev treatment.
The Bank of Japan kept its interest rate targets unchanged and maintained its hard cap on the yield on 10-year Japanese bonds. The yen fell against the dollar following the announcement.