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Stocks Fall for Third Week on Earnings, Rate Risks: Markets Wrap

  • Verizon, American Express, HCA Healthcare fall after results
  • Traders boost bets on central bank interest-rate hikes
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Market Selloff Not a Buying Opportunity Yet: CalSTRS CIOSource: Bloomberg
Updated on

U.S. stocks fell, capping a third weekly decline, as disappointing corporate results and prospects for aggressive interest-rate hikes weighed on sentiment. 

The S&P 500 slid 2.8%, the biggest decline since March 7, tipping the benchmark to a weekly decline in the longest run of losses for the period since January. Declines in the tech-heavy Nasdaq 100 left it down more than 9% so far in April, poised for the worst month since 2008. Meanwhile, the market’s so-called fear gauge -- the Cboe Volatility Index or VIX -- jumped to a one-month high. The dollar rose to the highest level since June 2020.