Stocks capped a week of volatile trading on Wall Street with a broad sell-off Friday that left the major indexes with their second straight weekly loss.
The selling lost some momentum into the afternoon, but the intensified again in the final hour of trading. The S&P 500 and the Dow Jones Industrial Average each fell 0.7%. The Nasdaq composite bore the brunt of the selling, however, shedding 1.2%.
Treasury yields fell as investors shifted money into the safety of U.S. bonds. The yield on the 10-year Treasury, which affects rates on mortgages and other consumer loans, fell to 1.93% from 1.97%.
Markets have been turbulent all week as investors watch the latest developments in Ukraine, where Russia has been amassing troops on the border. The tensions are yet another concern for investors as they try to determine how the economy will react to rising inflation and looming interest rate hikes.
“Investors are facing geopolitical risks, Fed tightening and peak valuations,” said Peter Essele, head of portfolio management for Commonwealth Financial Network. “Anytime you get that kind of trifecta scenario, you’re going to see volatility.”