FOX Business: The Power to Prosper
The markets were set to take their worst weekly fall since November as worries about Europe's debt crisis overshadowed enthusiasm over Facebook's initial public offering.
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As of 3:14 p.m. ET, the Dow Jones Industrial Average fell 38.1 points, or 0.32%, to 12403, the S&P 500 dipped 5.6 points, or 0.42%, to 1299 and the Nasdaq Composite dropped 21.5 points, or 0.76%, to 2792
If the S&P 500 ends in the red on the day, it will be the sixth day of losses for the broad-market average. The losses have been driven by a growing fear that the tumult in Greece will cascade into other weak eurozone nations, like Spain, and a signs pointing to a slower economic recovery in the U.S.
To that end, Moody's Investors Service slashed the credit rating of 16 Spanish lenders, and a U.K. subsidiary of Banco Santander, after the closing bell on Thursday. The ratings company cited a weakening individual credit assessment for the banks and the government's lessening ability to step in if needed.
Traders were also keeping a close eye on the Nasdaq Stock Market, where Facebook (NASDAQ:FB) made its debut. The first trade in the social network was at $42.05 a share, up from the $38 that it priced at on Thusday. However, shares were teetering back at the offer price with less than an hour until the closing bell.
"Only time will tell whether this most-awaited of IPOs will be enough to distract everyone from the unfolding drama in Europe," David Jones, chief market strategist at IG Index in London wrote in an e-mail.
Commodities markets were mixed on the day. Crude oil traded in New York fell $1.08, or 1.2%, to $91.48 a barrel. Wholesale New York Harbor gasoline rose 0.39% to $2.89 a gallon.
In metals, gold jumped $17.00, or 1.1%, to $1,592 a troy ounce. The yield on the 10-year U.S. Treasury climbed 0.038-percentage point to 1.738% after closing on the day on Thursday at a record low.
Eurozone blue chips slipped 0.1%, the English FTSE 100 sold off by 1.3% to 5338 and the German DAX slumped 0.6% to 6271.
In Asia, the Japanese Nikkei 225 plunged 3% to 8611 and the Chinese Hang Seng sold off by 1.3% to 18952.