Shares on Wall Street sank on Fri. The Dow Jones Industrial Average lost 981.36 pts or 2.82% lower to close at 33,811.40. The broader S&P 500 index fell 2.77%. The tech-heavy Nasdaq Composite retreated 2.55%. The small-cap Russell 2000 dropped 2.55%.
Companies reporting disappointing quarterly results led to the market decline on Fri. HCA Healthcare (HCA US, -21.82%) was the worst-performing stock in the S&P 500 on Fri. The firm’s 1Q22 financial and operating results fell short of projections as increased labor costs weighed down a rise in revenue.
HCA’s results weighted on other healthcare sector names. Intuitive Surgical (ISRG US, -14.34%) and Universal Health Services (UHS US, -13.96%) fell.
Verizon Communications (VZ US, -5.64%) said that it sees adjusted earnings per share for the full year at the low end of its forecast of $5.40 to $5.55.
Credit card issuer American Express (AXP US, -2.80%) reported a larger than expected increase in expenses in 1Q.
The yield on the 10-year Treasury note slipped 1.08 basis points (bps) to 2.8987%. Oil slipped after Libya said it will resume output at its closed fields in the coming days.
On Fri, the front-month Brent and WTI futures closed down $1.68 at US$106.65/bbl and $1.72 at US$102.07/bbl respectively.
The ICE dollar index (DXY), which measures the strength of the greenback against a basket of currencies, rose 0.64% to 101.220.
The most actively traded US gold futures (Jun) contracts settled down $13.90, or 0.7%, at US$1,934.30/oz. May silver, which is the most actively traded silver futures, fell 36.2 cents, or 1.5%, to end at US$24.259/oz.
European equity markets finished lower last Fri. The UK FTSE lost 1.39%, France's CAC 40 fell 1.99%, while the German DAX retreated 2.48%.