US benchmark equity indexes closed lower Friday as a potential attack on Israel by Iran, along with US import data adding fuel to inflation concerns, eroded investor sentiment.
The Nasdaq Composite fell 1.6% to 16,175.1, while the S&P 500 dropped 1.5% to 5,123.4. The Dow Jones Industrial Average declined 1.2% 37,983.2. All sectors fell with materials and technology posting the biggest losses.
In economic news, US import prices rose by 0.4% in March following a 0.3% gain in February and above a 0.3% increase expected in a survey compiled by Bloomberg. Excluding a 6% jump in petroleum prices, import prices were flat in March after a 0.1% February increase. Export prices rose by 0.3% in March after a 0.7% increase in February.
The University of Michigan's preliminary consumer sentiment index fell to 77.9 in April from 79.4 in March, compared with a 79 reading in a survey compiled by Bloomberg. Consumers are seeing little change in the economy since the start of the year but expect the upcoming election will have a substantial impact on the economy, the survey showed.
The US 10-year yield fell 7.7 basis points to 4.499%, while the two-year rate dropped 6.9 points to 4.905%.
West Texas Intermediate crude oil rose 0.6% to $85.53 per barrel Friday.
In company news, JPMorgan Chase (JPM) reported better-than-expected first-quarter adjusted earnings and revenue even as the banking giant's net interest income fell short of analysts' estimates. The company also raised its full-year adjusted expense outlook to $91 billion.
Citigroup (C) reported less-than-expected declines in fiscal first-quarter results amid a 49% revenue surge in its banking business that was partially offset by the impact of restructuring costs and an incremental Federal Deposit Insurance Corp. special assessment.
US Steel (X) shareholders approved the $14.1 billion takeover offer by Nippon Steel. Based on the preliminary count, more than 98% of the shares, representing about 71% of the issued and outstanding shares of US Steel as of record date, were voted in favor of the Nippon Steel deal.
Gold fell 0.5% to $2,360 per troy ounce, while silver dropped 0.6% to $28.09 per ounce.
