US stocks fall over 1%, record second straight weekly loss

US stocks retreated on Friday, recording losses for the second straight week. This came amid a rise in Treasury yields, following economic data indicating a strong labor market and an increase in inflation forecasts.

The Dow Jones Industrial Average dived 1.65%, or 696 points, to settle at 41,938 points, the first time to decline below 42,000 points since Nov. 4, 2024. However, it recorded a weekly loss of 1.85%.

The S&P 500 index fell 1.55%, or 91 points, to 5,827 points, recording a weekly loss of 1.95%.

Similarly, Nasdaq Composite lost 1.65%, or 317 points, to close at 19,161 points.

As for European markets, the STOXX Europe 600 inched down 0.85% to 511.5 points.

The British FTSE index fell 0.85% to 8,248 points, while the German DAX index was down 0.50% to 20,214 points. The French CAC 40 index dropped 0.80% to 7,431 points.

The Nikkei index fell 1% to 39,190 points, and the broader Topix index retreated 0.8% to 2,714 points.

Brent crude futures for March 2025 delivery leapt 3.7%, or $2.84, to $79.76 per barrel. The US West Texas Intermediate (WTI) crude futures for February 2025 delivery also increased 3.6%, or $2.65, to $76.57 per barrel. Both contracts recorded weekly gains of 4.25% and 3.55%, respectively.

Regarding gold, futures prices for February delivery were up 0.9%, or $24.2, to $2,715 per ounce, with a weekly gain of 2.25%.