Dow tanks 532 points, Nasdaq notches gain

Gold rises to $1,800 a one-month high

U.S. stocks fell for the second straight session as investors wrapped the week.

The Dow Jones Industrial Average fell 532 points or 1.5%, while the S&P 500 slipped 1%. The Nasdaq Composite, bucked the downtrend, inching 0.07% higher. 

Traders also faced triple witching when stock and index options expire along with index futures kicking up volatility.  

Ticker Security Last Change Change %
I:DJI DOW JONES AVERAGES 35911.81 -201.81 -0.56%
SP500 S&P 500 4662.85 +3.82 +0.08%
I:COMP NASDAQ COMPOSITE INDEX 14893.75271 +86.94 +0.59%

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The Federal Reserve-driven rally fizzled after policymakers said they are preparing to begin raising rates next year to fight inflation.

Gold got a boost in a flight to safety and is on pace to close at a one-month-high, as oil slipped 2% to $70.86 per barrel. 

Ticker Security Last Change Change %
GLD SPDR GOLD SHARES TRUST - EUR ACC 169.67 -0.49 -0.29%

In stocks, Oracle may be close to buying Cerner, according to The Wall Street Journal, in a deal that would value the maker of electronic medical records around $30 billion. 

Ticker Security Last Change Change %
ORCL ORACLE CORP. 87.69 -0.10 -0.11%
CERN CERNER CORP. 92.21 +0.02 +0.02%

Pharma stocks remained in focus after a CDC panel recommended Moderna and Pfizer COVID-19 vaccines over J&J due to links to blood clots.

Ticker Security Last Change Change %
MRNA MODERNA INC. 204.73 -5.44 -2.59%
PFE PFIZER INC. 54.95 -0.59 -1.06%
BNTX BIONTECH SE 196.00 -6.99 -3.44%
JNJ JOHNSON & JOHNSON 167.84 -0.92 -0.55%

Delivery firm FedEx Corp reinstated its original fiscal 2022 forecast on Thursday, even as persistent labor woes chipped away profits ahead of the peak holiday season when the number of packages it handles often doubles. 

FEDEX REINSTATES 2022 PROFIT TARGET, SHARES SOAR

Ticker Security Last Change Change %
FDX FEDEX CORP. 256.22 -1.45 -0.56%
UPS UNITED PARCEL SERVICE INC. 206.54 -3.93 -1.87%

Electric vehicle upstart Rivian Automotive posted a $1.23 billion net loss in the third quarter due to costs from starting production of its pickup truck. 

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Ticker Security Last Change Change %
RIVN RIVIAN AUTOMOTIVE INC. 79.95 -0.36 -0.45%

Darden, parent of Olive Garden and Red Lobster, announced CEO Eugene Lee will step down in May of next year and will be replaced by Ricardo Cardenas, current president and chief operating officer.

Ticker Security Last Change Change %
DRI DARDEN RESTAURANTS INC. 143.00 -1.68 -1.16%

JOBLESS CLAIMS TICKED UP BY 206,000

Overseas, the Bank of Japan said Friday it would reduce some of its pandemic support measures, reducing purchases of corporate bonds to precrisis levels after March. It also extended by six months extra support for lending to small companies. But its board meeting otherwise kept ultra-loose monetary policy mostly unchanged.

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FOX Business' Ken Martin and The Associated Press contributed to this report.