The S&P 500 moved off its lows on Friday but remained under pressure due to a decline in technology stocks as fears grow that the Federal Reserve could raise rates more than expected. The S&P 500 fell by 0.25%, the Dow Jones Industrial Average fell by 0.23%, and the Nasdaq was down 0.5%. Big tech companies such as Alphabet, Microsoft, Facebook, and Apple fell more than 1%.
Energy Sector Adds Pressure to the Broader Market
Energy also brought pain to the broader market, falling more than 3%, led by falling oil prices due to worries that further Fed rate hikes will reduce demand. Companies like EOG Resources, Hess, and Halliburton Company declined more than 5%.
Earnings Offer Reprieve to the Market
The earnings front offered some relief, as Deere & Company rallied 7% after upgrading its annual profit guidance and reporting fiscal first-quarter earnings that exceeded Wall Street estimates. DraftKings also lifted its guidance after its fourth-quarter results exceeded estimates, sending its shares up more than 16%.
DoorDash Shares Drop After Reporting Wider-Than-Expected Loss
DoorDash, on the other hand, saw its shares plunge 7% after reporting a wider-than-expected loss. However, the food delivery company's optimistic guidance suggested that it was still seeing a significant decline in demand from the pressures on consumers. Goldman Sachs lifted its price target on the stock to $71 from $67 but kept its neutral rating.