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Stock Market Today: S&P 500 Posts Worst Week Since April Due to Rotation
- U.S. stocks closed lower on Friday, marking the worst week for the S&P 500 since mid-April.
- A global computer outage caused by a Crowdstrike update worsened Friday's stock market decline.
- Next week, investors will focus on upcoming earnings from Tesla and Alphabet, as well as economic data releases.
U.S. stocks closed lower on Friday, capping the worst week for the S&P 500 since mid-April.
Friday's decline continued a trend of small-cap stocks outperforming their large-cap counterparts, which was initially sparked by a cooler-than-expected June inflation report last week.
Friday's stock market decline was compounded by a global computer outage that affected computers running Microsoft's Windows operating system.
The outage was caused by a bug in a CrowdStrike update, and ultimately led to canceled and delayed flights, bank outages and more widespread disruptions.
Crowdstrike said it had identified the issue and deployed a fix. Shares of the cybersecurity vendor fell about 10%.
Investors got their first taste of earnings this week, with major banks like Goldman Sachs reporting strong results on Monday.
Netflix reported better-than-expected revenue, earnings and subscriber growth in its second-quarter earnings report released Thursday, but the stock fell about 2% on somewhat weak third-quarter guidance.
According to Fundstrat data, 13% of S&P 500 companies have reported second-quarter results. Of those companies, 81% are beating earnings estimates by an average of 4%, while 61% are beating revenue estimates by an average of 3%.
In the coming week, investors will be closely watching results from large-cap tech companies Tesla and Alphabet, June core PCE inflation data and second-quarter GDP figures.
Here's where the U.S. indices stood at 4 p.m. Friday close:
Here's what else happened today:
In commodities, bonds and cryptocurrencies:
- West Texas Intermediate crude oil fell 3.15% to $78.74 a barrel. Brent, the international benchmark, fell 2.75% to $82.77 a barrel.
- Gold fell 2.23% to $2,401.60 an ounce.
- The 10-year Treasury yield rose three basis points to 4.24%.
- Bitcoin rose 5.26% to $67,344.
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