NEW YORK, New York - U.S. stocks fell sharply on Friday in line with the global trend, as the yield on 10 year Treasuries topped 5 percent for the first time in sixteen years.
"The stock market is watching the bond market and doesn't like what it sees," David Donabedian, chief investment officer of CIBC Private Wealth Management told CNBC Friday. "Yields are rising, even with the relatively good news about inflation. This is the primary reason the stock market has been weak."
Following are the closing quotes for major stock exchanges in the United States Friday:
S&P 500 (^GSPC) The S&P 500, representing a broad range of U.S. stocks, closed at 4,224.16, marking a decline of 53.84 points or 1.26 percent.
Dow Jones Industrial Average (^DJI) The Dow Jones Industrial Average, consisting of 30 significant American companies, finished at 33,127.28, down by 286.89 points, representing a 0.86 percent decrease.
NASDAQ Composite (^IXIC) The NASDAQ Composite, primarily composed of technology and internet-related companies, concluded the day at 12,983.81, showing a significant decrease of 202.37 points or 1.53 percent.
NYSE COMPOSITE (DJ) (^NYA) The NYSE COMPOSITE (DJ), representing a broad spectrum of companies listed on the New York Stock Exchange, ended at 15,033.24, down by 163.13 points or 1.07 percent.
NYSE AMEX COMPOSITE INDEX (^XAX) The NYSE AMEX COMPOSITE INDEX, capturing data from the American Stock Exchange, concluded at 4,584.55, exhibiting a decline of 74.27 points, equivalent to a 1.59 percent decrease.
Russell 2000 (^RUT) The Russell 2000, which tracks small-cap stocks, finished at 1,680.79, experiencing a decline of 21.91 points, equivalent to a 1.29 percent decrease.
CBOE Volatility Index (^VIX) The CBOE Volatility Index, often referred to as the market's "fear gauge," closed at 21.47, marking a modest increase of 0.07 points or 0.33 percent.
Despite Friday's negative performance, experts remain cautiously optimistic about the market's long-term prospects, highlighting that fluctuations are part of the normal ebb and flow in the financial world. The focus will now shift to next week's economic data releases and corporate earnings reports to gauge the market's future trajectory.
Global Forex Market Report for Friday
The world foreign exchange markets exhibited a range of fluctuations on Friday as major currency pairs danced to the tune of economic data, and the unfolding developments in the Middle East. The main game in town remained the U.S. dollar with the heightening tensions in the Israel-Gaza conflict, and U.S. Treasury yields pushing to the 5 percent level.
Here are the latest FX rates for the day approaching the U.S. close:
EURUSD (Euro / US Dollar) The euro experienced a slight uptick against the dollar, rising by 0.07 percent or 0.0007 to reach 1.0590.
USDJPY (US Dollar / Japanese Yen) The Japanese yen dipped 0.05 percent or 0.08 settling around 149.85.
USDCAD (US Dollar / Canadian Dollar) The Canadian dollar on Friday edged down 0.06 percent or 0.0008 to 1.3710.
GBPUSD (British Pound / US Dollar) The British pound added 0.11 percent or 0.0013 against the U.S. dollar, moving to 1.2156.
USDCHF (US Dollar / Swiss Franc) The U.S. dollar gained 0.12 percent or 0.0011 against the Swiss Franc to 0.8921.
AUDUSD (Australian Dollar / US Dollar) The Australian dollar faced a setback, declining by 0.29 percent or 0.0018 to 0.6310.
NZDUSD (New Zealand Dollar / US Dollar) The New Zealand dollar also experienced a decrease, falling by 0.45 percent against the greenback, last quoted at 0.5822.
World Stock Markets In Sharp Across-The-Board Sell-Off
In a tumultuous trading session on Friday, global stock markets faced a major downturn, with several top indices recording notable losses. Here's a rundown of the latest world stock market quotes for Friday:
S&P/TSX Composite Index (^GSPTSE) The S&P/TSX Composite index, reflecting the Canadian stock market, ended at 19,115.64, with a loss of 233.17 points or 1.21 percent.
IBOVESPA (^BVSP) The IBOVESPA, the primary stock index for Brazil, closed at 113,195.88, marking a decrease of 808.41 points, or 0.71 percent.
IPC MEXICO (^MXX) The IPC MEXICO, representing the Mexican stock market, ended the day at 48,273.17, down by 531.44 points, equivalent to a 1.09 percent decrease.
FTSE 100 - London Stock Exchange The FTSE 100 index saw a notable drop of 1.30 percent, plummeting by 97.39 points, to conclude the day at 7,402.14.
DAX PERFORMANCE-INDEX - Frankfurt Stock Exchange Germany's DAX Performance-Index slumped by 1.64 percent, closing at 14,798.47, down by 246.76 points.
CAC 40 - Euronext Paris France's CAC 40 exhibited a decline of 1.52 percent, shedding 105.15 points to end the trading day at 6,816.22.
ESTX 50 PR.EUR - Euronext The ESTX 50 PR.EUR index, which represents the Eurozone, closed with a decrease of 1.61 percent Friday, falling by 65.65 points to 4,024.68.
Euronext 100 Index - Euronext The Euronext 100 Index dropped by 1.45 percent, ending at 1,274.50, down by 18.70 points.
BEL 20 - Euronext Brussels The BEL 20 index in Belgium reported a decline of 1.34 percent, closing at 3,352.93, down by 45.65 points.
MOEX Russia Index - Moscow Exchange Russia's MOEX Russia Index saw a slight decrease of 0.19 percent, closing at 2,222.51, shedding 4.14 points.
TSE - Tokyo Stock Exchange The Nikkei 225 index recorded a decline of 0.54 percent as it closed at 31,259.36 Friday, shedding 171.26 points.
HANG SENG INDEX - Hong Kong Stock Exchange The Hang Seng Index in Hong Kong experienced a decrease of 0.72 percent, closing at 17,172.13, down by 123.76 points.
SSE Composite Index - Shanghai Stock Exchange China's SSE Composite Index reported a 0.74 percent decrease, losing 22.33 points, and closing at 2,983.06 with a trading volume of 941.556 million shares.
Shenzhen Index - Shenzhen Stock Exchange The Shenzhen Index recorded a drop of 0.88 percent, ending at 9,570.36, after shedding 84.73 points. The trading volume was substantial, reaching 1.499 billion shares.
STI Index - Singapore Exchange Singapore's STI Index reported a 0.74 percent decline, closing at 3,076.69, down by 22.91 points.
S&P BSE SENSEX - Bombay Stock Exchange In India the S&P BSE SENSEX recorded a decline of 0.35 percent Friday, closing at 65,397.62, down by 231.62 points.
NIFTY 50 - National Stock Exchange of India Meantime India's NIFTY 50 index fell by 0.42 percent, closing at 19,542.65, with a decrease of 82.05 points.
IDX COMPOSITE - Indonesia Stock Exchange The IDX Composite index in Indonesia showed a modest gain of 0.04 percent, closing at 6,849.17, up by 2.74 points.
FTSE Bursa Malaysia KLCI - Bursa Malaysia The FTSE Bursa Malaysia KLCI in Malaysia experienced a minor decline of 0.11 percent, closing at 1,441.04, down by 1.62 points.
KOSPI Composite Index - Korea Exchange The KOSPI Composite Index in South Korea on Friday saw a significant drop of 1.69 percent, closing at 2,375.00, with a loss of 40.80 points, and a trading volume of 521,208.
TSEC weighted index - Taiwan Stock Exchange The TSEC weighted index in Taiwan reported a minor decrease of 0.07 percent, closing at 16,440.72, down by 12.01 points.
S&P/ASX 200 - Australian Securities Exchange Australia's S&P/ASX 200 fell by 1.16 percent, closing at 6,900.70, a decrease of 80.90 points.
ALL ORDINARIES - Australian Securities Exchange Meanwhile the ALL ORDINARIES index in Australia fell by 1.16 percent, shedding 83.00 points to close at 7,089.70.
S&P/NZX 50 INDEX GROSS - New Zealand Stock Exchange New Zealand's S&P/NZX 50 INDEX GROSS recorded a decline of 1.27 percent Friday, closing at 10,994.08, down by 141.50 points.
Top 40 USD Net TRI Index - Johannesburg Stock Exchange The Top 40 USD Net TRI Index in South Africa reported a slight decline of 0.55 percent, closing at 3,663.63, down by 20.25 points.
TA-125 - Tel Aviv Stock Exchange Israel's stock exchange was closed Friday. The TA-125 index experienced a substantial decline of 1.79 percent Thursday, closing at 1,682.73, down by 30.65 points, as the Israeli army continues to prepare for a ground invasion of the Gaza Strip.
EGX 30 Price Return Index - Egyptian Exchange The Egyptian exchange was also closed Friday. The EGX 30 Price Return Index in Egypt reported a significant drop of 2.26 percent on Thursday, closing at 21,616.60, down by 500.80 points, with a trading volume of 244.338 million.
It was a challenging day for global markets Friday, with many indices experiencing significant losses, influenced by various economic factors and global events. Investors and analysts will closely monitor market developments as they assess the situation and its potential implications.