By William Watts and Barbara Kollmeyer
Weakness in Tesla /zigman2/quotes/203558040/lastsale TSLA -1.52% shares, which fell 9.2%, weighed on the Nasdaq.
A gloomy tone was sounded on Wall Street. JPMorgan Chase CEO Jamie Dimon earlier this week warned of an “economic hurricane,” coming due to inflation, the war in Ukraine and tighter monetary policy.
BlackRock Inc. CEO Larry Fink told Bloomberg on Thursday that he expected elevated inflation for years and that “bouts of fear” would continue to create more market volatility.
Need to Know: Fink, Dimon and Musk have the blues. And one forecaster says they’re not gloomy enough
Which companies are in focus?
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Coinbase Global Inc. /zigman2/quotes/225893452/composite COIN -4.03% shares fell 9.7% after the crypto exchange announced an indefinite hiring freeze , a day after the billionaire Winklevoss twins announced cuts at their own crypto firm, Gemini.
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CrowdStrike Holdings Inc. /zigman2/quotes/212513426/composite CRWD -0.23% shares lost 6.8% even after the security-software company reported earnings , sales and a forecast that beat expectations and boosted annual guidance.
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Shares of Lululemon Athletica Inc. /zigman2/quotes/204011506/composite LULU +0.71% were dragged down 0.6%, despite the company reporting sales that were better than Wall Street expected , with direct-to-consumer sales getting to be a slightly bigger chunk of the retailer’s revenue.
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American Airlines Group Inc. /zigman2/quotes/209207041/composite AAL +1.19% stock fell 7.1%, after the airline raised its revenue growth , but cut capacity guidance and raised its fuel-cost estimate.
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Shares of Turning Point Therapeutics Inc. more than doubled, rising 118.4%, after the clinical-stage oncology company agreed to be acquired by biopharmaceutical company Bristol-Myers Squibb Co. /zigman2/quotes/202559280/composite BMY +0.52% in an all-cash deal valuing Turning Point at about $3.77 billion. Bristol Myers shares edged up 0.1%.
How are other assets trading?
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U.S. crude /zigman2/quotes/211629951/delayed CL.1 -2.86% rose 1.7% to finish at $118.87 a barrel.
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The ICE U.S. Dollar Index /zigman2/quotes/210598269/delayed DXY +0.57% rose 0.3%
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Bitcoin /zigman2/quotes/31322028/realtime BTCUSD -0.11% fell 3.1% to trade below $29,600.
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The Stoxx Europe 600 index /zigman2/quotes/210599654/delayed XX:SXXP +0.55% ended 0.3% lower, losing 0.9% for the week; London markets were closed for an extended Queen’s Jubiliee bank holiday celebration.
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Markets in China and Hong Kong were also closed for a holiday. The Nikkei 225 index /zigman2/quotes/210597971/delayed JP:NIK +0.50% rose 1.2%.
See: These 10 cheap stocks are favorites of top investment newsletters, as value keeps pounding growth
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