US stocks sink further with S&P 500 on course for worst week since December

  • US stocks opened lower on Friday to cap off a volatile week. 
  • The S&P 500 is on course for its worst week since December. 
  • OIl prices jumped as Russia cut production over sanctions. 

US stocks opened lower on Friday, with major indices set to cap off a volatile week with more losses. 

The S&P 500 was on course for its worst week since December, and investors are seeking cover after a string of disappointing earnings reports. Shares of ride sharing company Lyft sank more than 30% after an earnings miss. 

Elsewhere, Russia said it will cut oil production by 500,000 barrels a day, beginning in March, in response to a Western price cap effort. 

Here’s where US indexes stood at the 9:30 a.m. ET open on Friday:

Here’s what else is happening this morning:

  • Ed Yardeni says the central bank should “chill” with rate hikes on encouraging inflation data. 
  • Insider compiled a list of the 10-best S&P 500 performers so far this year. 
  • Buy more Tesla stock to get in on the artificial intelligence craze, Cathie Wood said

Crypto firm Kraken will stop staking tokens and pay a $30 million fine. 

In commodities, bonds and crypto:

  • West Texas Intermediate crude oil climbed 0.96% to $78.75 per barrel. Brent crude, oil’s international benchmark, gained 1.38% to $85.61. 
  • Gold ticked up 0.32% to $1,8767.48 per ounce.
  • The yield on the 10-year Treasury was relatively flat at 3.684%. 
  • Bitcoin added 0.05% to $21,826.37.