The US stocks tumbled on Friday. The major averages all moved lower, with the tech-heavy Nasdaq leading the bearish charge. Markets positioned for next week's economic updates on employment, consumer price inflation and retail sales. Investors also assessed the overall monetary policy dynamics after comments from Chicago Federal Reserve President Austan Goolsbee who talked about his decision to vote against cutting interest rates at last week's Fed meeting. Fed should have waited to get more data, especially about inflation, before lowering rates further, Goolsbee noted.
This pulled stocks lower right from the start and the Nasdaq lost 1.7 percent to 23,195.17. The S&P 500 tumbled 1.1 percent to 6,827.41 while the Dow Jones Industrial Average shed around 0.5 percent to 48,458.05 amid high volatility. DOW had tested a new record intraday high in early trading. For the week, the Dow gained 1.1 percent, while S&P 500 lost 0.6 percent and the Nasdaq eased 1.6 percent.
WTI Crude oil futures stabilized around three-week low of $57 per barrel on Friday but remained mostly under stress and ended down around 4% for the week.
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