Bloody Friday, Large caps off again

Wall Street continued dumping shares of semiconductor stocks Friday on recession fears. Shares of Nvidia fell 5%, Advanced Micro Devices declined 4%, and Marvell Technology slipped more than 2%.

Bank stocks declined on those same fears. Shares of JPMorgan Chase dropped 2% and Bank of America fell nearly 4%.

Elsewhere, shares of Deere fell nearly 14% on Friday after the heavy equipment maker reported a revenue miss. Shares of Caterpillar declined more than 5%. Industrials like Deere and Caterpillar are seen as barometers for the global economy.

Meanwhile, the Fed has signaled it will continue to raise interest rates as it tries to temper the recent inflationary surge. Earlier in the week, Chair Jerome Powell said: “If that involves moving past broadly understood levels of neutral, we won’t hesitate to do that.”

That tough stance on monetary policy has stoked concern this week that the Fed’s actions could tip the economy into a recession. On Thursday, Deutsche Bank said the S&P 500 could fall to 3,000 if there is an imminent recession. That’s 23% below Thursday’s close.

Correction: The Dow was on pace for its first eight-week losing streak since 1923. A previous version misstated the year.