Markets Right Now: Stocks swoon, sending Dow down 600 points

Friday's jobs report showed average hourly earnings rose 2.9 percent in January from a year earlier, the fastest growth in years.

"The new development (spooking investors) is the spike in bond yields", says Nick Sargen, senior investment advisor for money management Fort Washington Investment Advisors in Cincinnati. Revenues have also been stronger than expected, an indication that the improving global economy is translating into better sales. Bund yields reached a fresh two-year high, while the euro and British pound weakened.

Trump's Twitter feed was silent Friday on the market downturn. Stocks haven't had a pullback of 10 per cent or more in two years, and hit their latest record highs just one week ago.

Of the 50 stocks tracked by The Hollywood Reporter, 39 of them were down on Friday, including Walt Disney (off 2 percent), Time Warner (down 3 percent), CBS (off 6 percent), Viacom (down 4 percent), Comcast (off 2 percent) and 21st Century Fox (down 1 percent).

In the S & P 100, Exxon also was the worst performer, followed closely by Google (-5.23% at 10:00 am).

The S&P 500 Index fell 2.1 percent to 2,761.91 at 4 NY. The Russell 2000 index of smaller-company stocks gave up 32.59 points, or 2.1 per cent, to 1,547.27.

And nothing kills a bull market like rising rates.

"It's the pace and it's also the fear of how high inflation might go, and how the Fed might react", said Ed Keon, portfolio manager at QMA.

This week's market pullback has come even as USA economic data continues to reflect strong growth.

Bond prices declined again Friday, sending yields higher. The 10-year Treasury yield popped above 2.85 percent for the first time since January 2014.

Interest rates recently have leapt sharply higher. "It's the 10-year going up because the market sees inflation going up".

Putin orders alternative Olympic Games for banned athletes
However, the Treasury publicly identified over 100 Russian officials and business leaders eligible for sanctions. Some Republicans also expressed doubts. "We ... call on the administration to sanction the Russian oligarchs".

The S&P 500 and the Dow are both on track for their biggest one-week declines in more than two years.

The data sent interest rates higher.

"It definitely depends on rates, and the closer we get to [10-year yields at] 3 percent, the greater the likelihood you see a pullback which could be as deep as the 100-day moving average", said Julian Emanuel, chief USA equity and derivatives strategist at BTIG. Experts have disputed Trump's assertions, arguing that the growth is consistent with a years-long economic upswing.

That's good news for Main Street USA, but not for Wall Street. Some investors saw a potential buying opportunity.

"Everyone has to remember we had a very over-extended market", O'Hare said.

While earnings overall have been strong, some big companies have posted disappointing results. The stock slid $58.33 to $1,123.26. Shares in Exxon shed $5.19 to $83.88.

X FACTOR: Apple declined 2.6 percent after the technology company said it sold 77.3 million iPhones in the last quarter, below the 80 million analysts expected. The e-commerce giant rose 2.9 per cent after its fourth-quarter profit increased by more than $1 billion. Amazon shares gained $63.78 to $1,453.78.

The Canadian dollar was trading at 80.69 cents USA, down from Thursday's average price of 81.38 cents US.

Wholesale gasoline fell 2 cents to $1.87 a gallon and heating oil fell 4 cents to $2.05 a gallon.

The March crude contract fell 35 cents to US$65.45 per barrel and the March natural gas contract slipped by a penny to roughly US$2.85 per mmBTU. The Nasdaq fell 74 points, or 1 percent, to 7,312.

Spot gold dropped 1.4 per cent to $1,329.62 an ounce.

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