U.S. stocks are falling on rate fears as earnings continue to roll in
Applied Materials stock also climbed 1.2% after the semiconductor equipment maker offered up a buoyant forecast as chip demand picks up and governments spend billions on subsidies.Oil prices steadied Friday, but look set to end a seven-week winning streak on concerns of slowing growth in China, the world’s largest crude importer, as well as the potential of higher interest rates from the Federal Reserve.
Crude prices saw some strength on Thursday, rising from a two-week low after China’s central bank said it will keep markets flush with liquidity to help shore up economic growth. However, both contracts were set to lose over 3% this week after having rallied for the past seven weeks post-extended supply cuts by major producers Saudi Arabia and Russia.
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