Deere Falls Sharply as Industrials Weigh on Wall Street
Stocks tried to mount a rally to start Friday's trading session, but the gains didn't last long. By early afternoon, Wall Street was seeing sizable losses, with the S&P 500 (SNPINDEX: ^GSPC) coming closer to a 20% decline that would signify a bear market in many investors' eyes. As of 12:45 p.m. ET, the Dow Jones Industrial Average (DJINDICES: ^DJI) was down 417 points to 30,836. The S&P dropped 64 points to 3,836, and the Nasdaq Composite (NASDAQINDEX: ^IXIC) fell 274 points to 11,115.
Most big companies have reported their earnings for the first part of 2022, but there are still some stragglers that are weighing in and offering a view of what certain parts of the economy look like right now. Deere (NYSE: DE) is a well-known manufacturer of heavy equipment, and it has its fingers on the pulse of the industrial sector. Deere announced its financial results this morning, and despite showing signs of strength, investors weren't impressed, and the stock fell sharply.
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