U.S. stock indexes closed lower Friday, capping another punishing week for growth and technology stocks as investors await a Federal Reserve update next week on how aggressively interest rates may rise and financial conditions tighten to tame inflation. The Nasdaq Composite Index COMP, -2.72% led the three stock benchmarks lower Friday, ending down 2.7%, but off 7.6% for the week, which was its worst weekly decline since March 2020, according to Dow Jones Market Data.
The Nasdaq also entered correction territory mid-week, commonly measured as at least a 10% decline from its recent record close, and recorded its worst start to a year through Friday since the 2008 global financial crisis. Rising 10-year Treasury yields, up about 25 basis points near 1.74% this year, also have pressured speculative stocks and total returns of riskier assets. The S&P 500 index SPX, -1.89% tumbled 1.9% Friday and 5.
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