By Anora Mahmudova and Carla Mozee, MarketWatch
NEW YORK (MarketWatch) -- U.S. stocks were trading in the red on
Friday as the key equities benchmarks are poised to record weekly
losses after a roller-coaster week of up-and-down trading.
The whip-lashing equity moves have been characterized by a spike
in volatility (a measure of fear in the markets) on concerns about
slowing global growth. The widely watched CBOE VIX (VIX) a gauge of
current fear in the market on Thursday, surged 23% to mark its
highest level since February.
The S&P 500 (SPX) was down 8 points, or 0.4%, at 1,919.23.
The Dow Jones Industrial Average (DJI) was off 6 points, or 0.1%,
to 16,644.16. The Nasdaq Composite (RIXF) dropped 61 points, or
0.5%, to 4,319.04.
"Bad economic data is now being viewed as bad and the dovish
signals from central banks are now being taken as a sign of
weakness rather than a reason to ramp up equities," wrote Jonathan
Sudaria, a dealer at Capital Spreads, in Friday note that
highlighted the rout in European stocks. The Stoxx Europe 600 was
looking at its biggest weekly loss in more than a year, with
Germany's economic ministry saying Friday the growth outlook for
Europe's largest economy is dimming.
Concerns about dampened demand for oil continued to pressure
crude futures on Friday. U.S. oil futures (CLX4) dropped 1.1%,
below $85 a barrel after closing Thursday's session at their lowest
level since December 2012. Brent futures remained below $90 a
barrel.
"Going into the weekend with so much uncertainty in the air will
only further fuel traders compulsion to get out of risky assets and
it would take a miracle for the bulls to salvage anything today,"
said Sudaria.
Data: The prices paid for imported goods fell 0.5% in September
and declined for the third straight month, another sign that U.S.
inflationary pressures remain muted. The main reason: falling
worldwide oil prices.
At 2 p.m., Richmond Fed President Jeffrey Lacker will speak at
the annual meeting of the National Conference of Bankruptcy Judges.
At the same time, Kansas City Fed President Esther George is
scheduled to speak at McCook Community College in McCook, Neb.
George isn't a voting member of the Fed policy committee this
year.
Stocks to watch: Tesla Motors Inc. (TSLA) late Thursday unveiled
its latest Model S car. But shares slid 5.9% .
Symantec Corp. (SYMC) shares were off 1.1%. The security
software maker late Thursday said it plans to split in two publicly
traded companies.
Juniper Networks Inc. (JNPR) fell 4.5% after late Thursday's
warning that fiscal third-quarter revenue and adjusted earnings are
likely to come in below its previous estimates.
Exact Sciences Corp. (EXAS) shares rallied 36% as the company's
Cologuard test to detect colorectal cancer will be covered by
Medicare.
Alpha Pro Tech Ltd. (APT) is up 32% and Lakeland Industries Inc.
(LAKE) is up 16% following gains from Thursday amid rising Ebola
outbreak concerns. Alpha Pro Tech's infection control unit makes
face masks and eye shields, and Lakeland makes protective clothing
for health care and first responders.
Other markets: Gold futures (GCZ4) shed about $2 an ounce. The
dollar (DXY) was slightly higher against its rivals after
Thursday's fall to a fresh three-week low. In Asia, Hong Kong's
Hang Seng Index and Tokyo's Nikkei Average fell 1.9% and 1.2%,
respectively.
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