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The stock market closed sharply lower on Friday, with the Nasdaq and small caps posting the biggest losses. The Dow Jones Industrial Average fell nearly 300 points as investors considered the Fed's next move.
The Nasdaq composite sank 2% for the day and 2.5% since Monday's open, ending a four-week winning streak. The S&P 500 dropped 1.3% while the Russell 2000 small-cap ETF (IWM) led the downside, slumping 2.1% for the day and 2.8% for the week.
NYSE volume rose 19.3% while Nasdaq volume fell 4.4%, compared to the same time on Thursday.
The SPDR Select Energy ETF (XLE) was unchanged. Crude oil closed down 0.3%, to $89.78 per barrel, while natural gas remains strong, gaining 1.1%.
Bitcoin futures dropped a whopping 9% to $21,245.
Yield on the 10-year Treasury note rose to 2.98%.
Maxeon Solar Technologies (MAXN) beat on Q2 sales but dropped 18.3% after reporting a bigger-than-expected dip in EPS. Shares fell below the 21-day line.
The retail shoe giant named Mary Dillon, former Ulta Beauty (ULTA) CEO, as its new chief executive, replacing the retiring Richard Johnson.
Bed Bath & Beyond (BBBY) sank 40.5% after GameStop (GME) Chairman Ryan Cohen sold his BBBY shares, which totaled 11.8% of ownership. The decline marked the worst two-day stretch on record for the troubled retailer.
GameStop, the original meme stock, lost 3.8% in sympathy with BBBY's drop.
AMC Entertainment (AMC) sold off 6.6% on the reignited meme stock craze, following the carnage in Bed Bath & Beyond.
Furniture and home-goods company Wayfair (W) stock plummeted 20.1% after reporting plans to lay off 5% of its workforce, or approximately 870 employees.
The IBD 50 ETF (FFTY), a measure of growth stocks, lost 1.7%, in line with major indexes.
IBD 50 energy stocks showed strength, with Norwegian-based Equinor (EQNR) up 1.1%, closing within 2% of the 39.25 buy point of an undefined choppy base.
Devon Energy (DVN) gained 0.9% and is building the right side of a cup base with a 79.50 buy point.
Southern U.S. homebuilder Green Brick Partners (GRBK) plunged 9.3% after a JPM Securities downgrade.