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Stock Market Today: Dow in Biggest Loss of 2022 as Fed Fears, Earnings Bite

Stock Markets Apr 22, 2022 04:18PM ET
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© Reuters.

By Yasin Ebrahim

Investing.com – The Dow suffered its worst decline of the year on Friday, as a sea of red swept over stocks following mostly disappointing quarterly earnings from corporates and growing worries about aggressive Federal Reserve rate hikes.  

The Dow Jones Industrial Average slipped 2.8%, or 981 points, the S&P 500 fell 2.8%, and the Nasdaq fell 2.6%.

Health care was one of the worst performing sectors on the day, pressuring the broader market paced by a slump in HCA and Intuitive Surgical.

HCA Holdings (NYSE:HCA) fell 22% after reporting mixed quarterly results and cutting its full-year guidance following the impact of the pandemic and rising costs.

Intuitive Surgical (NASDAQ:ISRG) fell more than 14% as its better-than-expected first-quarter results were overshadowed by “the lack of follow-through on the procedure guide and the commentary around a potentially softer U.S. capital pipeline,” Raymond James said as it cut its price target on the stock to $330 from $334.

Sentiment on stocks was also soured by expectations that the Federal Reserve is set for an even tighter path of monetary policy following hawkish remarks from Chairman Jerome Powell a day earlier.

Powell on Wednesday said that a 50 basis-points hike was on the table for the May meeting, and added that the central bank was open to front-loading more than one 50 basis point hike beyond the May meeting.

“The market was already anticipating a 50bps hike next month. Going forward, however, against the backdrop of this week’s Fed commentary, an even larger 75bp hike is now on the table,” Stifel said in note.

The 10-year Treasury yield briefly rose to its highest since 2018, before giving up gains. While the 2-year Treasury yield, which is more sensitive to the Fed’s rate hikes, continued to advance.  

Against the backdrop of rising rates, the enemy of growth stocks, tech continued to trade in the red. 

Google-parent Alphabet (NASDAQ:GOOGL), Amazon (NASDAQ:AMZN), Microsoft  (NASDAQ:MSFT), Apple (NASDAQ:AAPL) and Meta (NASDAQ:FB) were down more than 2%.

Communication services were also the big drag on the broader market after Verizon Communications (NYSE:VZ) suffered its biggest drop in more than two years. The telecoms giant cut its full-year sales forecast.

In other news, Bed Bath & Beyond Inc (NASDAQ:BBBY) jumped more than 6% on reports that the company is fielding interest for its BuyBuy Baby business.

Stock Market Today: Dow in Biggest Loss of 2022 as Fed Fears, Earnings Bite
 

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Comments (13)
Prasanna Narasimha
Prasanna Narasimha Apr 23, 2022 11:14AM ET
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how Monday going to be?
Edwin Maberly
Edwin Maberly Apr 23, 2022 11:14AM ET
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start down maybe 1.5% and up after lunch
Murali Krishna
Murali Krishna Apr 22, 2022 9:27PM ET
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Thank God, Biden stopped talking about stimulus package. But he will again before election.
ZS Beck
ZS Beck Apr 22, 2022 9:27PM ET
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Then he will talk about the tax the rich and breaking up the big tech, Then nothing will happen. Talk the talk, never walk the walk.The rich and the big tech feeding them.....
ZS Beck
ZS Beck Apr 22, 2022 9:27PM ET
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Then he will talk about the tax the rich and breaking up the big tech, Then nothing will happen. Talk the talk, never walk the walk.The rich and the big tech feeding them.....
Jeff Bailey
JeffB Apr 22, 2022 9:27PM ET
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MALTA! Make America Less Than Average! Biden/Harris 2021 as Obama/Biden 2009.
gab nea
gab nea Apr 22, 2022 9:27PM ET
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no no no, the rich need much more money and tax breaks, the poor dont need any help, how depraved! antichrist?
Danny Danny
Danny Danny Apr 22, 2022 7:42PM ET
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Bear markets are great periods to accumulate good companies at discounted prices.
gab nea
gab nea Apr 22, 2022 7:42PM ET
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yes, but only after the hit bottom, not before.
Rudy Cardenas
Rudy Cardenas Apr 22, 2022 7:42PM ET
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Buying like Buffet. People that didnt have cash out arent paying attention.
Jose Cabreja
Jose Cabreja Apr 22, 2022 7:25PM ET
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wasn't everything Priced In🤣🤣🤣
Kian Amini
Kian Amini Apr 22, 2022 6:44PM ET
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this should not be a surprise.....lowering rates and pumping money into economy for years ,this is the end result every time. ...we been here before  ..it will get worse before gets better ... buckle up or get out till inflation numbers start dropping..
Budijono Sutikno
Budijono Sutikno Apr 22, 2022 6:14PM ET
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fear over nothing... that's what happen in today's society
ottin nerner
ottin nerner Apr 22, 2022 5:58PM ET
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expect Black Monday....
Bruno Diaz
Bruno Diaz Apr 22, 2022 5:45PM ET
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Market Crashes are part of the Market Cycle: Just Let It Happen...
Ella Yassin
Ella Yassin Apr 22, 2022 5:28PM ET
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Good news... End of hipokrit
Mitchel Pioneer
Mitchel Pioneer Apr 22, 2022 4:39PM ET
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All 3 indices are still trading at twice what they're worth.
Ric Later
riclater211 Apr 22, 2022 4:39PM ET
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Agreed. way overvalued. All that dumb money still holding on
 
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