The Nasdaq Composite fell 2.7%, the S&P 500 was lower by 1.8% while the Dow Jones Industrial Average fell 450 points or 1.3%. All three of the major averages posted losses for the week.
|I:DJI||DOW JONES AVERAGES||34265.37||-450.02||-1.30%|
|I:COMP||NASDAQ COMPOSITE INDEX||13768.921815||-385.10||-2.72%|
The selling continues to come from technology stocks, with Netflix down more than 20% after posting weaker-than-expected subscriber growth. The streaming giant is on pace for its worst session in about a decade.
Elsewhere, chip stocks Nvidia and AMD were lower, along with Apple.
|AMD||ADVANCED MICRO DEVICES INC.||118.81||-3.08||-2.53%|
This comes as Peloton shares recovered after hitting a two-year low. CEO John Foley disputed a report that the company is pausing bike and Tread production as demand slips.
|PTON||PELOTON INTERACTIVE INC.||27.06||+2.84||+11.73%|
The first week of fourth-quarter earnings season ends Friday with oil services giant Schlumberger which said profits jumped 86% to $0.41 per share.
Consumer finance firm Ally Financial said profits of $1.79 per share were down from $1.82 in the same period a year ago partly tied to costs related to the acquisition of Fair Square Financial and regional bank Huntington Bancshares also reported.
|ALLY||ALLY FINANCIAL INC.||47.08||-1.89||-3.86%|
|HBAN||HUNTINGTON BANCSHARES INC.||15.18||-1.50||-8.99%|
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.
|TM||TOYOTA MOTOR CORP.||199.78||-1.48||-0.74%|
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.
Additionally, Robinhood Markets is rolling out crypto wallets to a 1,000 users, allowing them to send and receive cryptocurrencies through their brokerage accounts, according to a company blog post.
|HOOD||ROBINHOOD MARKETS INC.||12.98||-0.71||-5.19%|
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.
FOX Business’ Ken Martin and The Associated Press contributed to this report.