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April 12 - The blue-chip Dow and the S&P 500 were on track for weekly losses on Friday after most megacap growth stocks and chipmakers retreated, while some big banks fell after reporting dour quarterly earnings.
"Markets have run up a lot recently, so investors may be looking for some excuses here and there in order to back off on their overly optimistic positioning," said Jason Pride, chief of investment strategy & research at Glenmede. Ten of the 11 major S&P 500 sectors were trading lower, with information technology , opens new tab leading declines, down 1.3%.
Meanwhile, Boston Fed President Susan Collins is eyeing a couple of rate cuts this year, amid expectations that it could take some time for inflation to return to its targeted level. The CBOE Volatility Index , opens new tab, also known as Wall Street's"fear gauge", hit its highest level since October 2023.
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