Bonds & Stocks
Another selloff in several megacaps drove the Nasdaq 100 toward its longest streak of weekly losses since May 2022, with stocks also hit by weaker-than-estimated outlooks from bellwethers across industries. Equities got pummeled on Friday, with the tech-heavy gauge on track for its fifth consecutive week of declines. The S&P 500 fell 0.7%. The Nasdaq 100 slid 1%. The Dow Jones Industrial Average lost 0.8%. The yield on 10- year Treasuries declined declined two basis points to 4.22%.
Economy
Sales of previously owned homes in the US unexpectedly bounced back in February, spurred by a greater supply of houses and improved weather heading into the crucial spring period. Contract closings increased 4.2% to an annualized rate of 4.26 million in February, according to National Association of Realtors figures released Thursday. The figure exceeded all estimates in a Bloomberg survey of economists.
World
London's Heathrow airport suffered its worst disruption in at least two decades due to a nearby fire that cut power to the hub, causing hundreds of thousands of passengers to be stranded. The airport will be closed all day Friday, with over 1,300 flights canceled or rerouted, and service interruptions are likely to continue for days, affecting multiple airlines and passengers.