US Stocks end in the red

The US stock market finished session lower on Friday, 19 March 2021, as investors sold off mega-cap growth stocks on valuation concerns, with banks and financials leading the decline after the US Federal Reserve move to let expire a temporary capital buffer relief put in place to ease a pandemic-driven stress in the funding market.

At the close of trade, the Dow Jones Industrial Average index declined 234.33 points, or 0.71%, to 32,627.97. The S&P500 index erased 2.36 points, or 0.06%, to 3,913.10. The tech-heavy Nasdaq Composite Index added 99.07 points, or 0.76%, to 13,215.24. For the week, the Dow fell by 0.5 percent, while the Nasdaq and the S&P 500 both declined by 0.8 percent.

 

Financial stocks moved to the downside after the Federal Reserve said a temporary change to the supplementary leverage ratio, or SLR, for depository institutions will expire as scheduled on March 31, 2021. JPMorgan Chase & Co. fell 1.6%, while Goldman Sachs Group Inc shed 1.1%.

Shares of Nike was down after the company missed quarterly sales estimates due to shipping issues and a pandemic-related slump at brick-and-mortar stores.

FedEx Corp rallied after the U.S. delivery firm said quarterly profit jumped more than expected on higher prices and Maysurging volume from pandemic-fueled e-commerce deliveries during the holiday shipping season.

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