STORY: Wall Street ended lower on Friday after a volatile session, extending losses following the Dow's worst day since October 2020 and capping a losing week for all three major indexes.
The Dow finished down 0.30%. The S&P 500 shed 0.57%, while the Nasdaq Composite fell almost one and a half percent, after dropping roughly 5% the day prior.
Kevin Nicholson, chief investment officer for RiverFront Investment Group's global fixed income unit, said that after a stronger-than-expected jobs report on Friday, investors are worried about the prospect of more interest-rate hikes from the Federal Reserve and rising Treasury yields.
"The markets are concerned that because we have such good job strength, that we will continue to see inflation rise and there will be further hikes. And now that the 10-year is over 3%, that is really hurting equity markets because it feels as if equities realize, equities investors realize that when the 10-year is yielding over 3%, that there are other opportunities for people to get income."
The Labor Department's closely watched employment report showed employers added 428,000 jobs in April, better than what economists had expected, but some worried a little changed labor force participation rate could mean persistent inflation.
Megacap growth stocks slipped, with a few exceptions including Apple, which ended almost half a percent higher.
Sportswear makers slipped, with shares of Under Armour ending down almost 24% after forecasting a downbeat fiscal 2023 profit. Shares of rival Nike fell with it, closing down 3.5%.
And, finally, shares of Coinbase Global dropped more than 9% on Friday to the lowest level since the cryptocurrency exchange's 2021 stock market debut.