Wall Street closed out its worst week in a month with more losses on Friday:
- The S&P 500 lost 53 points, or 1.2%, to 4,224, its fourth straight drop.
- The Dow lost 286 points, or 0.8%, to 33,127.
- The Nasdaq lost 202 points, or 1.5%, to 12,983.
The stock market has been struggling under the weight of the bond market, where the yield on the 10-year Treasury briefly topped 5% late Thursday for the first time since 2007, according to Tradeweb. High yields make borrowing more expensive for everyone, and they slow the economy while dragging on prices for stocks and other investments, per the AP. "The stock market is watching the bond market and doesn't like what it sees," David Donabedian of CIBC Private Wealth Management tells CNBC. "Yields are rising, even with the relatively good news about inflation. This is the primary reason the stock market has been weak."
On Wall Street, SolarEdge tumbled 27% after the solar technology company slashed its sales and profit expectations for the current quarter. Other solar stocks also fell, including a 14.3% drop for Enphase Energy. Regions Financial sank 12.7% after it reported weaker profit than expected for the latest quarter. Other regional banks were also weaker. Comerica fell 8% despite reporting better profit for the summer than expected. Huntington Bancshares sank 3.5% after likewise topping earnings forecasts. SLB, the giant oilfield services provider, fell 2.2% despite reporting stronger profit than expected for the summer. On the winning side of Wall Street was Knight-Swift Transportation: The trucking company jumped 10.8% after reporting stronger profit for the latest quarter than expected.
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