- US stocks opened lower on Friday to cap off a volatile week.
- The S&P 500 is on course for its worst week since December.
- OIl prices jumped as Russia cut production over sanctions.
US stocks opened lower on Friday, with major indices set to cap off a volatile week with more losses.
The S&P 500 was on course for its worst week since December, and investors are seeking cover after a string of disappointing earnings reports. Shares of ride sharing company Lyft sank more than 30% after an earnings miss.
Elsewhere, Russia said it will cut oil production by 500,000 barrels a day, beginning in March, in response to a Western price cap effort.
Here’s where US indexes stood at the 9:30 a.m. ET open on Friday:
Here’s what else is happening this morning:
- Ed Yardeni says the central bank should “chill” with rate hikes on encouraging inflation data.
- Insider compiled a list of the 10-best S&P 500 performers so far this year.
- Buy more Tesla stock to get in on the artificial intelligence craze, Cathie Wood said.
Crypto firm Kraken will stop staking tokens and pay a $30 million fine.
In commodities, bonds and crypto:
- West Texas Intermediate crude oil climbed 0.96% to $78.75 per barrel. Brent crude, oil’s international benchmark, gained 1.38% to $85.61.
- Gold ticked up 0.32% to $1,8767.48 per ounce.
- The yield on the 10-year Treasury was relatively flat at 3.684%.
- Bitcoin added 0.05% to $21,826.37.