U.S. equities were trading lower on Friday morning after a late Thursday afternoon sell-off wiped out all gains.
The tech-heavy Nasdaq looks to decline by 0.8%, with the S&P 500 about 0.4% lower and the Dow a lesser 0.1%.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 34715.39 | -313.26 | -0.89% |
| SP500 | S&P 500 | 4482.73 | -50.03 | -1.10% |
| I:COMP | NASDAQ COMPOSITE INDEX | 14154.020372 | -186.23 | -1.30% |
The early selling continues to come from technology stocks, with Netflix down more than 19% after posting weaker-than-expected subscriber growth.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| NFLX | NETFLIX INC. | 508.25 | -7.61 | -1.48% |
Elsewhere, Apple and chip stocks Nvidia and AMD were lower.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| AAPL | APPLE INC. | 164.51 | -1.72 | -1.03% |
| NVDA | NVIDIA CORP. | 241.50 | -9.17 | -3.66% |
| AMD | ADVANCED MICRO DEVICES INC. | 121.89 | -6.38 | -4.97% |
This comes as Peloton shares look to recover after hitting a two-year low after CEO John Foley disputed a report that the company is pausing bike and Tread production as demand slips.
PELOTON STOCK TANKS ON BIKE PRODUCTION HALT REPORT, COMPANY SAYS CLAIMS ARE FALSE
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| PTON | PELOTON INTERACTIVE INC. | 24.22 | -7.62 | -23.93% |
The first week of fourth-quarter earnings season ends Friday on a quiet note, with oil services giant Schlumberger, consumer finance firm Ally Financial and regional bank Huntington Bancshares reporting.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| SCH | n.a. | n.a. | n.a. | n.a. |
| ALLY | ALLY FINANCIAL INC. | 48.98 | -0.01 | -0.02% |
| HBAN | HUNTINGTON BANCSHARES INC. | 16.68 | -0.43 | -2.51% |
In automakers, Toyota announced it will curb production due to shortages of key parts. The automaker said it will suspend production at 11 plants in Japan for three days, on top of reductions planned in February. Those cuts mean it will fall short of the 9 million vehicles it had targeted.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| TM | TOYOTA MOTOR CORP. | 201.47 | -0.95 | -0.47% |
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Cryptocurrencies were also weaker as Bitcoin fell below the $40,000 level. The Federal Reserve on Thursday released a highly anticipated report on central bank digital currencies that suggested it is leaning toward having banks and other financial firms, rather than the Fed itself, manage digital accounts for customers.
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On the economic calendar, the Conference Board will report its Leading Economic index for December. Watch for a 0.8% increase from the prior month.
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FOX Business’ Ken Martin and The Associated Press contributed to this report.
