Stocks slid on Friday as investors looked to keep this month’s gains going.
The Dow Jones Industrials dropped 17.01 points to open the Friday session at 34,928.46.
The S&P 50 index fell 3.58 points to 4,503.82.
The NASDAQ sank 34.67 points to 14,079.
Gap shares leapt 18% after the company posted better-than-expected results for the third quarter. Electric vehicle charging network ChargePoint slid 36% after announcing a shake-up in its C-suite and cutting its forecast for third-quarter revenue.
All three averages are on pace for weekly gains — and that would mark their third straight positive week. The S&P 500 and the NASDAQ are up more than 2% through Thursday’s close, while the Dow is on pace for a 1.9% rise.
Those gains were sparked by tame U.S. inflation data that gave hope to investors that the worst of inflation — as well as the Federal Reserve’s tough stance on rate policy — may be in the rearview mirror.
The question is whether traders will be able to maintain that optimism for the remainder of the month. In November, the S&P 500 is up 7.5%, while the Dow has a 5.7% gain. The NASDAQ has leapt 9.8%.
Prices for the 10-year Treasury fell, raising yields to 4.44% from Tuesday’s 4.45%. Treasury prices and yields move in opposite directions.
Oil prices grew $1.46 to $74.36 U.S. a barrel.
Gold prices slumped $3.90 to $1,983.40.