Lucas Jackson/Reuters
US stocks closed lower on Friday, capping off the worst week for the S&P 500 since mid-April.
The decline on Friday extended the trend of smaller-cap stocks outperforming large-cap peers, which was initially sparked by a cooler-than-expected June inflation report last week.
Friday's decline in stock prices was exacerbated by a global IT outage that plagued computers running Microsoft's Windows operating system.
The IT outage was caused by a bug contained in a CrowdStrike update, and it ultimately led to canceled and delayed flights, bank outages, and more widespread disruption.
Crowdstrike said it identified the issue and was deploying a fix. Shares of the cyber-security provider plunged about 10%.
Investors got their first glimpse of earnings this week, with major banks like Goldman Sachs reporting solid results on Monday.
Netflix reported better-than-expected revenue, profits, and subscriber growth in its second-quarter earnings report on Thursday, but the stock fell about 2% due to somewhat weak third-quarter guidance.
According to data from Fundstrat, 13% of S&P 500 companies have reported second-quarter earnings results. Of those companies, 81% are beating profit estimates by a median of 4%, while 61% are beating revenue estimates by a median of 3%.
In the week ahead, investors will have a close eye on mega-cap tech earnings results from Tesla and Alphabet, the June Core PCE inflation data, and the second-quarter GDP print.
Here's where US indexes stood at the 4:00 p.m. closing bell on Friday:
Here's what else happened today:
In commodities, bonds, and crypto: