S&P Closes Out Third Straight Week of Loses | Closing Bell

Market Overview - The market experienced a down day, marking the second consecutive day of significant selling, particularly as the U.S. enters the third week of the war in Iran [2][4] - The S&P 500 is closing out the week with losses, down approximately 2% [7][10] - Oil prices remain a critical factor, with Brent crude closing above $100 and WTI at $98, both up over 69% and 70% respectively year-to-date [4][6] Sector Performance - The Dow Jones Industrial Average fell by 100 points, or 0.2%, while the Nasdaq composite decreased by 0.9% on the day [7] - Defensive sectors like utilities and consumer staples showed resilience, with utilities up by 0.9% and consumer staples by 0.5% [9] - Information technology was the biggest loser, down 1.3% on the day [10] Company Highlights - Micron Technology saw a 5% increase in its stock price, attributed to stronger-than-expected demand for DRAM and NAND flash memory [12][14] - Adobe's shares fell by 7.6% following the announcement of CEO Shantanu Narayen's resignation amid skepticism about the company's future [20][21] - Ulta Beauty's shares dropped by 14.2% after providing guidance that was at the low end of Wall Street expectations, reflecting a 24-25% decline from its record high [22][23] Economic Indicators - The yield curve experienced a sell-off, with short-term yields dropping by about one basis point due to weaker economic data on personal spending and a downward revision of fourth-quarter GDP [25][26] - The Treasury market is facing significant losses on a weekly basis, indicating a challenging environment for fixed-income investments [27]