Stocks were lower Friday as investors continued to sell into year-end on fears a recession is ahead next year because of the Federal Reserve’s unrelenting rate hiking.
The Dow Jones Industrial Average lost 390 points, or 1.18%. The S&P 500 fell 1.2%, while the tech-heavy Nasdaq Composite declined 0.94%. Trading could be especially volatile Friday with a large amount of options set to expire.
There are $2.6 trillion worth of index options set to expire, the highest amount “relative to the size of the equity market in nearly two years,” according to Goldman Sachs.
The sell-off was broad-based, with just 14 names in the S&P 500 trading in positive territory. The real estate and energy sectors were the biggest laggards, down 3% and 2%, respectively.
Meanwhile, shares of Meta rose 5% after JPMorgan upgraded shares of the social media company to overweight from neutral. Shares of Adobe outperformed, up 6%, after the design software firm posted fiscal fourth-quarter earnings and guidance that topped expectations.
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Source: CNBC
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