• Dow, S&P 500 eke out gains Friday, but stocks book sharp weekly losses

    Major U.S. stock indexes finished mostly higher Friday, eking out gains with a dramatic rally into the closing bell. The bounce allowed the S&P 500 index to narrowly avoid a bear-market finish, while ending the session virtually flat around 3,901. The Dow Jones Industrial Average rose less than 0.1% and the Nasdaq Composite Index shed 0.3%. Stocks have been under sharp pressure this week as a string of big-box retailers from Walmart Inc. to Ross Stores, Inc. reported disappointing...

  • Market Extra: ‘Growth scare’ permeates U.S. stocks as estimated $5 trillion to $8 trillion of household wealth evaporates in five months

    Four Paws/Agence France-Presse via Getty ImagesAmid a sea of red in U.S. stock markets on Friday, a fundamental shift in investors’ thinking is taking place, one which analysts describe as a “growth scare.”A “growth scare” is characterized by a correction in anticipation of slowing economic growth, even if such a slowdown hasn’t yet been borne out by the data. Dow industrials DJIA are poised for their longest streak of weekly losses in 90 years and the S&P 500 SPX appeared to be on track to...

  • Deere stock sinks toward 15-month low as downbeat industry, supply-chain outlook trumps earnings beat

    Shares of Deere & Co. plunged 14.9% toward a 15-month low in afternoon trading Friday, after the maker of construction, agriculture and forestry equipment beat fiscal second-quarter profit and revenue expectations but warned that headwinds from supply-chain constraints were expected to continue in the coming quarters. While the company affirmed fiscal 2022 sales growth guidance for its business segments, it lowered its outlook for overseas growth in agriculture and turf, and for the...

  • Gold ends flat Friday, but books first weekly gain in a month

    Gold prices closed flat on Friday, but booked a weekly gain, putting an end to the yellow metal's longest streak of weekly losses in four years. Gold for June delivery finished the session virtually unchanged, up just 90 cents, to settle at $1,842.10 an ounce on Comex, as continued volatility in equity markets led the S&P 500 index to trade below the threshold needed for it to enter a bear market. For the week, the most-active gold contract gained 1.8%, snapping a four-week skid that was...

  • S&P 500 slips below bear-market threshold

    The S&P 500 on Friday traded below 3,837.25, the level that marks a 20% pullback from the large-cap U.S. benchmark's Jan. 3 record close. A finish below that level would meet the traditional definition of a bear market. The S&P 500 was last at 3,837.48 after trading as low as 3,836.35.

  • Rite Aid and its Bartell Drugs has COVID-19 boosters for 5-to-11 year olds available

    Rite Air Corp. said Friday that the COVID-19 boosters for 5-to-11 year olds made by Pfizer Inc. and BioNTech SE are available at its drug stores and at Bartell Drugs, which it owns. The booster for that age group was authorized by the Food and Drug Administration earlier this week, and the Centers for Disease Control and Prevention's Advisory Committee on Immunization Practices recommended Thursday in favor of kids that age group getting the booster five months after their second dose. Rite...

  • Novavax stock drops after BofA's bearish call

    Shares of Novavax Inc. sank 8.8% in midday trading Friday, after BofA Securities analyst Alec Stranahan recommended investors avoid the COVID-19 vaccine maker, citing a bearish view on continued booster use and increasing competition in the respiratory syncytial virus (RSV) and flu markets. Stranahan initiated coverage of Novavax at underperform and with a $35 stock price target, which implies about 34% downside from current levels. The stock has plunged 62.8% year to date, and has plummeted...

  • Wells Fargo agrees to pay $7 million to failing to follow anti-money laundering rules

    The Securities and Exchange Commission on Friday said Wells Fargo & Co. agreed to pay $7 million to settle charges that it failed to file at least 34 suspicious activity reports in a timely manner between April, 2017, and October, 2021. The SEC said the bank's anti-money laundering (AML) system adopted in January, 2019 failed to recognize the different country codes used to monitor foreign wire transfers. This resulted in at least 25 late suspicious activity reports. At least nine more...

  • Ollie's Bargain Outlet gets double upgraded at BofA, as inflation sparks 'trade-down' to closeout merchandise

    Shares of Ollie's Bargain Outlet Holdings Inc. slipped 0.3% in morning trading Friday, but were outperforming the retail sector by a wide margin, after BofA Securities analyst Jason Haas swung to bullish from bearish on the closeout retailer, citing signs suggesting availability of closeout merchandise has "meaningfully improved" over the past several months. Haas double upgraded Ollie's stock to buy from underperform, and nearly doubled his stock price target to $75 from $39, with the new...

  • Zymeworks rejects 'unsolicited, opportunistic' buyout bid by UAE-based All Blue Falcons

    Shares of Zymeworks Inc. rallied 1.5% in morning trading Friday, after the biopharmaceutical company said it rejected the "unsolicited, opportunistic, non-binding" $10.50-per-share buyout bid by activist investor All Blue Falcons FZE. The company said it determined that the bid by the UAE-based investment holding company "significantly undervalues" the company and its prospects, and "lacks credibility" by offering no information regarding funding. The stock had soared 23.2% on April 29, three...

  • Stocks open higher as Dow heads for longest weekly losing streak since 1932

    Stocks opened higher Friday, attempting to bounce at the end of what's shaping up to be another losing week for major indexes. The Dow Jones Industrial Average was up 217 points, or 0.7%, at 31,470, while the S&P 500 gained 0.9% to trade at 3,936. The Nasdaq Composite was up 1.2% near 11,522. The Dow and S&P 500 closed Thursday at their lowest since March 2021. The Dow was on track for a 2.3% weekly fall, which would be its eighth straight and the longest since 1932, according to Dow...

  • Match withdraws restraining order after Google agrees to 'various concessions'

    Shares of Match Group Inc. surged 5.2% in premarket trading Friday, after the data apps company after Alphabet Inc.'s Google made "various concessions" regarding Match's complaints. As a result, Match said it has withdrawn its request for a temporary restraining order, which it said last week that it would ask a federal judge to issue to prevent the search engine from throwing Match off its Google Play app store. Alphabet's stock rose 1.0% ahead of the open. Match, which dating apps include...