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US stocks end week lower amid 5-day losing streak as growth concerns persist


US stocks closed lower on Friday as concerns about future economic growth helped drive a five-day losing streak for the S&P 500.

A weak August jobs report and comments from the Federal Reserve’s August beige book suggest investors continue to worry about the ongoing surge of the COVID-19 delta variant and its impact on the economy. A weaker economic growth outlook has investors questioning when the Federal Reserve may begin to wind down its monthly $120 billion bond purchases.

A near 4% sell-off in shares of Apple helped drag down the broader markets throughout Friday’s trading session, as a judge ruled that the company can’t restrict app-developers from including external links to circumvent Apple’s 30% app store commissions.

Here’s where US indexes stood at the 4:00 p.m. ET close on Friday:

Shares of buy now, pay later provider Affirm soared as much as 22% on Friday after the company reported better-than-expected revenue for its fiscal fourth-quarter, and raised revenue guidance for its fiscal year of 2022.

President Joe Biden had a more than hour-long conversation with Chinese President Xi Jinping on Friday, as hope builds that trade relations between the two countries will be improved.

Democratic senators Ron Wyden and Sherrod Brown introduced a bill that would implement a 2% tax on corporate stock buybacks. If passed, the tax is expected to raise more than $100 billion over the next decade and help pay for Democrat’s $3.5 trillion spending plans.

Cathie Wood’s Ark Invest sold more than $100 million worth of Tesla this week, according to daily trade updates. The sales come even as Ark believes Tesla could soar 300% from current levels.

Harvard said the university’s $42 billion endowment would end direct investments in fossil fuel and oil exploration companies.

Oil prices jumped. West Texas Intermediate crude was up as much as 2.42%, to $69.79 per barrel. Brent crude, oil’s international benchmark, jumped 2.18%, to $73.01 per barrel.

Gold fell as much as 0.44%, to $1,792.00 per ounce.

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