U.S. stocks had the biggest weekly retreat since June as the International Monetary Fund reduced its global growth forecasts and projections from Advanced Micro Devices Inc. and Alcoa Inc. disappointed investors.
U.S. stocks slid amid concern corporate earnings will disappoint investors and after the International Monetary Fund cut growth forecasts. Oil surged as Mideast tensions flared; Treasuries rose and the euro weakened.
U.S. stocks dropped, sending the Standard & Poor’s 500 Index lower for a third day, after the International Monetary Fund cut estimates for global growth and investors awaited quarterly results from Alcoa Inc.
Nokia Oyj’s handset revenue estimates were cut by Nomura Holdings Inc. analysts after Microsoft Corp. said the Finnish company’s current Lumia phones won’t be supported by its upcoming mobile operating system.
Nokia Oyj may tomorrow report a 49 percent decline in profit and forecast further erosion before the world’s biggest maker of mobile phones introduces its first smartphones using Microsoft Corp.’s operating system.