WASHINGTON (dpa-AFX) - Stocks have moved mostly lower during trading on Friday, extending the downward move seen over the two previous sessions. With the extended slump, the major averages have dropped to their lowest intraday levels in several months.
Currently, the major averages are off their lows of the session but still firmly negative. The Nasdaq is down 252.42 points or 1.1 percent at 21,838.28, the S&P 500 is down 52.39 points or 0.8 percent at 6,554.10 and the Dow is down 199.99 points or 0.4 percent at 45,821.44.
The weakness on Wall Street comes amid continued volatility by the price of crude oil, which has been a key driver of trading in recent sessions.
The price of crude oil for May delivery has shown wild swings over the course of the session and is currently up $0.95 or 1 percent at $96.50 a barrel.
After jumping above $111 a barrel earlier in the day, Brent crude oil futures have given back ground but are currently above $109 a barrel.
The volatility in the oil markets comes as traders keep a close eye on developments in the Middle East war and the impact on energy supplies.
Crude oil prices initially surged amid news of new attacks on energy infrastructure in the region but gave back ground amid reports suggesting the U.S. is weighing lifting sanctions on some Iranian oil to increase supply and bring down prices.
The rollercoaster extends the volatility seen in the previous session, when oil prices soared to nearly $120 a barrel before pulling back sharply after Israeli Prime Minister Benjamin Netanyahu told reporters Israel would be helping the U.S. reopen the Strait of Hormuz.
Sector News
Computer hardware stocks have shown a substantial move to the downside on the day, with the NYSE Arca Computer Hardware Index plunging by 3.7 percent after ending the previous session as a record closing high.
Super Micro Computer (SMCI) has led the sector lower, plummeting by 28.2 percent after U.S. prosecutors charged several of the information technology company's employees with smuggling Nvidia (NVDA) chips to China.
Significant weakness is also visible among networking stocks, as reflected by the 2.6 percent slump by the NYSE Arca Networking Index. The index also ended Thursday's trading at a record closing high.
Gold, steel, housing and semiconductor stocks are also seeing considerable weakness, moving lower along with most of the other major sectors.
Other Markets
In overseas trading, stock markets across the Asia-Pacific region moved mostly lower during trading on Friday, with the Japanese markets closed for a holiday. China's Shanghai Composite Index slumped by 1.2 percent, while Hong Kong's Hang Seng Index slid by 0.9 percent.
The major European markets have also come under pressure over the course of the session. The German DAX Index is down by 1.3 percent, the French CAC 40 Index is down by 1.2 percent and the U.K.'s FTSE 100 Index is down by 1.0 percent.
In the bond market, treasuries have moved sharply lower, extending the downward move seen over the two previous sessions. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, is up by 8.9 basis points at 4.370 percent.
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