U.S. stocks finish week with major sell-off

NEW YORK, New York - Fears that widely anticipated rate cuts will now not eventuate kept buyers at bay on U.S. stock markets on Friday. All the major stock indices closed lower, driven by widespread selling in the technology sector and persistent concerns about President-elect Donald Trump's cabinet picks.

"In the last 48 hours we've had some pretty big changes, not just from the election but from economic data that was better than expected and Powell speaking about not having to be as aggressive on interest rate cuts," Adam Rich, deputy chief investment officer for Vaughan Nelson in Houston told Reuters Friday.

"Market expectations for interest rate cuts have come down materially and also the market is readjusting after a pretty bullish reaction to the U.S. election."

The Standard and Poor's 500 fell sharply by 78.55 points, or 1.32 percent, to finish at 5,870.62 Friday. Investors were spooked by weaker-than-expected corporate earnings reports, leading to a broad-based selloff across multiple sectors. Trading volume was high, with 3.227 billion shares changing hands.

The Dow Jones Industrial Average also posted a loss, declining by 305.87 points, or 0.70 percent, to close at 43,444.99. The blue-chip index was dragged lower by losses in industrial and financial stocks, as concerns about interest rates and global economic headwinds weighed on investor sentiment. Trading volume for the Dow stood at 652.932 million shares.

The NASDAQ Composite suffered the largest decline of the day, plummeting by 427.53 points, or 2.24 percent, to settle at 18,680.12. The tech-heavy index was particularly impacted by a major pullback in technology and growth stocks, which experienced heightened selling pressure. Volume was substantial, with 6.606 billion shares traded.

Overall, Friday's market performance underscored investor concerns about the broader economic landscape, as analysts warned of further volatility in the weeks ahead.

Foreign Exchange Market Closes Mixed Friday as Yen Strengthens, Dollar Steadies

The global foreign exchange market settled on Friday with mixed movements as major currency pairs reacted to economic indicators and investor sentiment. The major move was a shar advance in the vaue of the Japanese yen.

The Euro / US Dollar (EUR/USD) saw a slight decline, slipping by 0.05 percent to 1.0523. Investors remained cautious amid uncertainty surrounding the Eurozone's economic outlook, which kept the euro under pressure against the dollar.

The US Dollar / Japanese Yen (USD/JPY) experienced a significant drop of 1.22 percent, to 154.34. The yen's rally was driven by a flight to safety and speculation over possible interventions by Japanese authorities to curb the currency's recent weakness.

Meanwhile, the US Dollar / Canadian Dollar (USD/CAD) gained 0.26 percent, moving higher to 1.4095. The Canadian dollar weakened in the wake of lower oil prices, which weighed on the commodity-linked currency.

The British Pound / US Dollar (GBP/USD) fell by 0.48 percent, ending the session at 1.2603. Sterling was under pressure due to concerns about the UK's economic performance and weaker-than-expected economic data.

The US Dollar / Swiss Franc (USD/CHF) decreased by 0.20 percent, last trading at 0.8883. The Swiss franc benefited from its safe-haven status, attracting investors amid global market uncertainties.

The Australian Dollar / US Dollar (AUD/USD) remained unchanged, holding steady at 0.6453, with no change recorded. Market participants are eyeing upcoming economic data from Australia and its largest trading partner China to gauge future currency movements.

Finally, the New Zealand Dollar / US Dollar (NZD/USD) edged up slightly, gaining 0.09 percent to 0.5853. The New Zealand dollar showed resilience, supported by positive economic indicators from the region.

Global Markets Close Mixed Amidst Currency Index Movements Friday

The global financial markets closed mixed on Friday, with a variety of notable losses and gains across major indices as traders digested economic data and currency movements.

CANADA

In Canada, the S&P/TSX Composite Index dropped 158.99 points, or 0.63 percent, ending the session at 24,890.68. Energy and materials stocks led the losses, reflecting declines in commodity prices. Trading volume for the index reached 253.08 million shares.

UNITED KINGDOM

In London, the FTSE 100 edged down slightly by 7.58 points, or 0.09 percent, to end at 8,063.61.

EUROPE

The DAX P in Germany saw a more pronounced decline of 52.89 points, a drop of 0.27 percent, closing at 19,210.81.

Similarly, the CAC 40 in France fell 42.17 points Friday, marking a decrease of 0.58 percent, to close at 7,269.63.

The EURO STOXX 50 Index experienced a significant loss of 38.68 points, or 0.80 percent, finishing at 4,794.85, while the Euronext 100 Index declined by 12.93 points, or 0.89 percent, to 1,439.99.

The BEL 20 index in Belgium was the hardest hit among European indices, falling 77.18 points, a drop of 1.82 percent, to settle at 4,160.15.

ASIA

In Asia, the Hang Seng Index in Hong Kong remained almost flat with a minimal decrease of 9.47 points, or 0.05 percent, closing at 19,426.34.

China's SSE Composite Index experienced a notable loss of 49.11 points, or 1.45 percent, closing at 3,330.73.

In Japan, the Nikkei 225 showed positive momentum Friday, rising 107.21 points, or 0.28 percent, to 38,642.91.

Singapore's STI Index bucked the trend, rising by 6.54 points, or 0.17 percent, to end at 3,744.70.

In India, the S&P BSE SENSEX slipped by 110.64 points, a decline of 0.14 percent, to 77,580.31.

The IDX Composite in Indonesia saw a sharper drop of 53.30 points, or 0.74 percent, finishing at 7,161.26.

The FTSE Bursa Malaysia KLCI fell 8.24 points, a loss of 0.51 percent, to 1,592.44.

South Korea's KOSPI Composite Index experienced a minor decline Friday, shedding 2.00 points, or 0.08 percent, to close at 2,416.86.

In Taiwan the TSEC Weighted Index advanced 27.39 points, or 0.12 percent, ending at 22,742.77.

OCEANIA

Australia's indices performed strongly, with the S&P/ASX 200 gaining 61.20 points, or 0.74 percent, to close at 8,285.20, and the All Ordinaries climbing 59.10 points, or 0.70 percent, to 8,539.00.

In New Zealand the S&P/NZX 50 Index dipped by 8.06 points, or 0.06 percent, to 12,684.88.

MIDDLE EAST

Most markets in the Middle East were closed on Friday and will reopen on Sunday,

AFRICA

The Top 40 USD Net TRI Index in South Africa dropped by 5.37 points, a decrease of 0.12 percent, to 4,467.69.

The US Dollar Index rose by 0.13 points, or 0.13 percent, to 106.81. The MSCI Europe Index saw a sharp decline of 26.53 points, or 1.30 percent, closing at 2,016.56. The British Pound Currency Index fell by 0.69 points, a decrease of 0.53 percent, to 125.99, while the Euro Currency Index slid 0.11 points, or 0.11 percent, to 105.19.

The Japanese Yen Currency Index saw a significant uptick, increasing by 0.78 points, or 1.21 percent, to 64.77. The Australian Dollar Currency Index remained relatively unchanged, with a minor decrease of 0.02 points, or 0.04 percent, closing at 64.51.

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