U.S. equity markets lost ground this week, with the S&P 500 notching its fourth consecutive weekly loss on disappointing earnings reports, particularly from tech giants such as Apple and Amazon.
For the week, the Dow fell 2.5%, the S&P 500 shed 3.3%, while the Nasdaq declined 3.9%.
The three major indices declined in April, with monthly losses of 4.9% for the Dow, 8.8% for the S&P 500, and 13.3% for the Nasdaq.
It was the worst month for the tech-heavy Nasdaq since 2008.
The 10-Year U.S. Treasury note yield ended the week nearly unchanged at 2.94%, as yields fell early in the week, briefly touching a low of 2.72% on Tuesday before rising later in the week.
The price of WTI crude fell 0.8% on Friday but rose 2.7% for the week at just over $104 a barrel, as energy tensions rose between Russia and the European Union.
Markets were also affected by the prospect of more aggressive tightening by the Federal Reserve to rein in surging inflation,
With a hike of 50 basis points expected during the Fed’s upcoming policy meeting next week.
Next week, we also can expect earnings releases from Lowe’s, Pfizer, AMD, S&P Global, Airbnb, Starbucks, AIG, Prudential, Moderna, Royal Dutch Shell, and Uber, among others.
Key updates on the U.S. labor market will include the March JOLTS on Tuesday and April ADP National Employment Report on Wednesday.
This will set the stage for the Labor Department’s nonfarm payrolls report for the month of April on Friday.