Dow tanks 532 points, Nasdaq notches gain – Fox Business
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Mainstay Capital Management CEO David Kudla predicts blue-chip stocks will be strong investments amid Federal Reserve changes.
U.S. stocks fell for the second straight session as investors wrapped the week.
The Dow Jones Industrial Average fell 532 points or 1.5%, while the S&P 500 slipped 1%. The Nasdaq Composite, bucked the downtrend, inching 0.07% higher.
Traders also faced triple witching when stock and index options expire along with index futures kicking up volatility.
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The Federal Reserve-driven rally fizzled after policymakers said they are preparing to begin raising rates next year to fight inflation.
Gold got a boost in a flight to safety and is on pace to close at a one-month-high, as oil slipped 2% to $70.86 per barrel.
In stocks, Oracle may be close to buying Cerner, according to The Wall Street Journal, in a deal that would value the maker of electronic medical records around $30 billion.
Pharma stocks remained in focus after a CDC panel recommended Moderna and Pfizer COVID-19 vaccines over J&J due to links to blood clots.
Delivery firm FedEx Corp reinstated its original fiscal 2022 forecast on Thursday, even as persistent labor woes chipped away profits ahead of the peak holiday season when the number of packages it handles often doubles.
FEDEX REINSTATES 2022 PROFIT TARGET, SHARES SOAR
Electric vehicle upstart Rivian Automotive posted a $1.23 billion net loss in the third quarter due to costs from starting production of its pickup truck.
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Darden, parent of Olive Garden and Red Lobster, announced CEO Eugene Lee will step down in May of next year and will be replaced by Ricardo Cardenas, current president and chief operating officer.
JOBLESS CLAIMS TICKED UP BY 206,000
Overseas, the Bank of Japan said Friday it would reduce some of its pandemic support measures, reducing purchases of corporate bonds to precrisis levels after March. It also extended by six months extra support for lending to small companies. But its board meeting otherwise kept ultra-loose monetary policy mostly unchanged.
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FOX Business' Ken Martin and The Associated Press contributed to this report.
Quotes displayed in real-time or delayed by at least 15 minutes. Market data provided by Factset. Powered and implemented by FactSet Digital Solutions. Legal Statement. Mutual Fund and ETF data provided by Refinitiv Lipper.
This material may not be published, broadcast, rewritten, or redistributed. ©2021 FOX News Network, LLC. All rights reserved. FAQ – New Privacy Policy
