Markets were led to the slaughter Friday.
The Dow Jones Industrial Average suffered its sixth-worst decline in history by points, falling by 669.06 to close at 25,518 on the day. The Nasdaq dropped nearly 2%, falling 144.92 points to 7,240.95 and the S&P 500 dropped 2.13%, or 60 points, to 2,762.
Dow Drops 500 in Worst Day of Trading in More Than 2 Years
The Dow Jones Industrial Average is having its worst session in more than 2 years Friday, dropping more than 500 points to 25,668 following the release of a memo by the House Intelligence Committee.
The memo details the steps FBI agents took to begin surveillance of a former campaign adviser for President Donald Trump. Trump has advocated for the release of the memo in the name of transparency, and Democratic and Republican operatives took the airwaves to spin the memo.
The uncertainty surrounding the memo has also forced sell-offs in the Nasdaq and S&P 500 which were down 1.3% and 1.6% respectively.
Janet Yellen to Join Brookings Institute
Federal Reserve Chair Janet Yellen is joining DC think tank the Brookings Institute starting Monday, February 5.
Friday was Yellen's last day as head of the U.S. central bank. Yellen will join Brookings Economic Studies program as a Distinguished Fellow in Residence. Yellen joins fellow former Fed Chair Ben Bernanke at the Economic Studies program.
Yellen led the Fed from 2014 to 2018 and is being replaced by Jerome Powell.
Oil Stocks Drip Following Weak Quarters From Exxon, Chevron
The oil sector was falling Friday after two heavyweights posted weak quarterly financial results.
The two companies reported quarterly net income that was above expectations, but most of the gains were a result of one-time benefits stemming from the GOP tax reform law.
Exxon shares were down 5.66% while Chevron declined 3.5%.
Dell Takes Potential Sale off the Table
Dell Technologies is weighing the benefits of a potential public offering or a possible merger with software provider VMware (VMW) , according to a securities filing Friday.
There have been rumblings in recent weeks that the company could seek to go public through a reverse-merger with VMware.
Bond Yields Are Spiking
The selloff in the bond market is getting worse with the yield on the benchmark 10-year U.S. Treasury note rising to 2.84%, a four-year high Friday after the jobs report showed that the U.S. economy added 200,000 jobs in January.
Economists expect wage pressure to build as the job market continues to tighten. Bond yields have risen steadily since Atlanta Federal Reserve adjusted its GDP outlook up to 5.4% in the first quarter.
January Was a Good Month for Employment
The U.S. economy added 200,000 jobs in January, sending the unemployment rate to its lowest level in 17 years.
The U.S. Labor Department said that the unemployment rate was steady at 4.1%, the lowest level since December 2000.
Meanwhile, wages grew 0.34% in the month and 2.9% over the past year. It was the best year over year growth in wages since June 2009.
Analysts surveyed by the Wall Street Journal were expecting the economy to add 177,000 new jobs in January.
Bitcoin Selloff Worsens
Bitcoin lost about $115 billion in value over the past 24 hours as the cryptocurrency downturn worsened overnight. The digital currency was down 6.54% to $8,460, about 60% below the all-time high of $20,000 that it reached earlier this year.
Prices dipped as low $7,715 before rebounding back above the $8,000 threshold.
Threats of regulatory crackdowns in countries with some of the most active miners, coupled with high profile thefts of other digital currencies have depressed prices.
Walmart Prices Beat Amazon's - Except for Food
The study compared the prices of 50 products in five categories and named Walmart the overall winner. However, Amazon's food prices were on average 22.5% less than Walmart's.
The firm also recently compared Amazon prices to Costco (COST) with Costco selling goods that were on average 56% less than Amazon.
U.S. futures were trading in the red ahead of the market open Friday, indicating a soft opening for markets.
Dow futures were down 0.9% indicating an open below the 26,000 threshold for the blue-chip index. Nasdaq futures were down 0.42% while S&P 500 futures fell 0.6%.
World markets weren't fairing much better with the Shanghai Composite being the lone major Asian market to close the day in the green. The Nikkei fell 0.9% and the Hang Seng closed 0.07% down.
In Europe, the FTSE 100 was down 0.35%, the DAX declined 1.36% and the CAC 40 dropped 1.18% with about four hours left in trading.