Stock market news

Stock market news: That’s the end of another week. Stocks closed lower Friday, with all three indexes finishing the week in the red.

The Nasdaq Composite led the way downward. Meanwhile, most of the S&P 500’s sectors retreated. Read our full daily markets roundup here.

Elsewhere, oil fell and bitcoin dropped below $22,000, ending weeks of quiet trading. Treasury yields rose and the dollar gained against a range of currencies. (That second part has been rough on Asian currencies.)

And in other news: Meme-stock mall retailer Bed Bath & Beyond remains at the center of many individual investors’ attention. Its shares went sharply into reverse after the exit of billionaire investor Ryan Cohen and continued slumping Friday. Other meme stocks dropped too.

GM stock is about to dust Tesla stock, analyst says

Occidental Petroleum owns a power plant in Taft, La., that feeds an OXY chemical plant next door. Leftover power is sold on the local grid, which Berkshire Hathaway Energy plants also feed.

The Federal Energy Regulatory Commission ruled that since OXY’s plant accounts for just 0.48% of the capacity connected to the region’s grid, a combination with Berkshire “will not hurt competition” in the local electricity market.

Warren Buffett’s Berkshire had to ask, though, before beefing up its 20% stake to as much as half of OXY’s shares. Now the market has gotten a rare glimpse of what the famous investor has up his sleeve.

Major indexes ended Friday lower as investors second-guessed their bets on how aggressive the Federal Reserve will be with upcoming interest-rate increases to lower inflation. Recent market winners became today’s biggest losers.

Today’s Stock Market News, Aug. 19, 2022: Stocks End Lower Friday; BBBY Shares Tumble

As of Friday’s close:

S&P 500: down 1.3%

Dow Jones Industrial Average: down 0.9%

Nasdaq Composite: down 2%

The S&P 500 and Nasdaq snapped their four-week winning streaks. Shares of popular meme stocks—namely Bed Bath & Beyond, GameStop, and AMC Entertainment—took a hit Friday after rallying this month. Oil fell, and so did the value of cryptocurrencies bitcoin and ether.

Treasury yields and the U.S. dollar rose, on the other hand. The yield on the benchmark 10-year Treasury note, which rises when bond prices fall, climbed to 2.987% from 2.879% Thursday. Read more about today’s moves in our daily markets wrap here.

Before you go, make sure to catch up on our top markets stories from today:

Stock Market Plunge Punished 401(k) Millionaires

The Federal Deposit Insurance Corp. ordered crypto exchange FTX on Friday to halt “false and misleading” representations related to claims that customer funds held at the company are protected by the nation’s banking insurance system.

The order Friday from the U.S. regulator highlights what it characterized as a misleading Tweet in July from Brett Harrison, FTX’s U.S. president, on the safety of direct deposits from U.S. employers to FTX, among other promises. Mr. Harris wrote on Twitter that “direct deposits from employers to FTX US are stored in individually FDIC-insured bank accounts in the users’ names” and that “stocks are held in FDIC-insured and SIPC-insured brokerage accounts.”

Similar letters were sent to four other firms, the FDIC said.

A representative of FTX didn’t immediately respond to a request for comment but Mr. Harrison apologized on Twitter, saying he didn’t mean to mislead anyone and deleted the July tweet in question.

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