The S&P 500 and Nasdaq posted their largest weekly drops since March on Friday. Bobbi Rebell reports.
The S&P 500 and Nasdaq posted their largest weekly drops since March on Friday as slowing global growth dragged commodity-related stocks lower. The biotech sector hit hard by a drop in Biogen. For the week, all the major indexes took bit hits. Fiat Chrysler says, it is recalling 1.4 million U.S. vehicles for a software fix to prevent them from being hacked remotely. Investors got no help from data showing a slight setback in housing. New home sales surprisingly fell in June to their lowest level in seven months. IHS Global Insight's Patrick Newport SOUNDBITE: PATRICK NEWPORT, ECONOMIST, IHS GLOBAL INSIGHT (ENGLISH) SAYING: "The market wasn't as strong as we thought it was. The strong pickup, that strong acceleration that we thought was happening isn't taking place." The data hurt PulteGroup, Toll Brothers and other housing stocks. On the earnings front: Biogen slashed its 2015 forecasts because of disappointing sales of its flagship multiple sclerosis drug. Its stock was the day's biggest loser on the S&P 500. The S&P's biggest winner: Amazon. Analysts raced to hike their price target one day after the online retailer wowed Wall Street by producing quarterly profit. Going against the grain among blue chips: Visa, the Dow's top gainer. Nine brokerages raised their targets a day after the card issuer disclosed it's in talks to reunite with Visa Europe. TrueCar's stock got slammed. The car shopping service cut its full-year revenue forecast. Goldman downgraded the shares to "neutral" from "buy." Across the pond, the plunge in metals and oil prices sank commodity shares. European stocks fell to a one-week low.