- U.S. equities were lower as investors digested hawkish statements from the Fed hinting of more aggressive rate hikes. The Dow Jones Industrial Average fell nearly 1,000 points on Friday, its largest single-day point decline since the midst of the pandemic in 2020.
- Some notable stocks from last week include Netflix, which fell almost 37% after the streaming service giant reported a net loss of 200,000 subscribers in the first quarter and is projecting a loss of another two million subscribers in the second quarter. Auto manufacturer Tesla boasted a record quarterly profit while online used-car retailer Carvana reported a decline in net sales last quarter. Tesla’s stock price rose 2% last week while Carvana’s fell by more than 17%.
- Within the S&P 500 Index, the communication services sector fell the most, down nearly 8%. Other leading laggards included energy and health care, which fell around 4% each.
- Value stocks’ losses were not as severe as growth while large-cap stocks slightly outperformed small-caps.
