US Market Indexes Lower for the Week

Dow drops 665 points

"The impact of tax reform on our earnings reflects the magnitude of our historic investment in the US and strengthens our commitment to further grow our business here", said Darren Woods, who is both the chairman and the chief executive of Exxon.

A strong report and a Fed executive's comment that there could be more than three interest rate hikes this year have spooked investors.

The Dow Jones industrial average dropped 500 points, or 2 percent, as a weeklong slump in stock market picks up speed. The Nasdaq slid 144.92 points, or 2 percent, to 7,240.95. The smaller Shenzhen index, which closed unchanged on Friday, closed down almost 7 percent last week.

On the economic front, total nonfarm payroll employment increased by 200,000 in January, and the unemployment rate stayed unchanged at 4.1 percent, stronger than market expectations, the U.S. Bureau of Labor Statistics said Friday.

The bond market's big move in rates gained momentum Friday after January wages rose the most since 2009, sparking expectations that wage inflation is finally picking up.

This week's market pullback has come even as US economic data continues to reflect strong growth. To jump-start growth, central bankers around the world slashed interest rates and took other steps to push down yields on safe government bonds.

Janet Yellen, the Federal Reserve's departing chair who had her last working day Friday, was viewed by some as being more concerned about measures of weakness in the job market than by the risk of rising inflation, and therefore more willing to keep rates low.

It's widely expected that corporate earnings will continue to grow by double digits, especially now that the US tax reform plan has cut the federal corporate tax rate to 21 percent from 35 percent.

Alphabet fell 5.0 per cent after the Google parent's fourth-quarter profit came in below consensus on increased spending.

John Stamos Has Married His Pregnant Girlfriend A Day After Mass Burglary
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USA oil producer Chevron Corp posted a lower-than-expected quarterly profit on Friday as sales slumped in its worldwide refining business, sending shares down almost 2 percent.

Sector peer Chevron Corporation (NYSE:CVX) barely fared any better, sliding 2.1% to US$122.93 after its results.

Apple fell 3.9 per cent as investors focused on the company's muted forecast rather than strong iPhone prices and its cash plans. The stock was down $4.36 to $163.42.

Apple () shares were off by 4.3 percent as investors anxious about the iPhone maker's weak outlook amid reports of scaled back iPhone X production.

Gold futures and copper prices both decline. However, the gauge, sometimes referred to as the fear index, has been abnormally low, trading below its historical average at around 20. The Nasdaq fell 74 points, or 1 percent, to 7,312.

Stock market decline of roughly 10 percent are generally considered a correction. The e-commerce giant said its Amazon Web Services sales - a key component for the company - hit $5.11 billion.

- Germanys DAX index sank 1.7 percent, the most since June.

The Stoxx Europe 600 Index decreased 1.4 percent, wiping out gains this year with its fifth consecutive decline. Although the Shanghai Composite closed up 0.5 percent to 3,462.94 for the day, it suffered a 2.7 percent drop for the week.

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