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Stocks hit a rut this week after coming out of the gates strong in 2018.
The Dow Jones industrial average, S&P 500 and Nasdaq composite posted their biggest weekly losses since early 2016. The Dow and S&P 500 fell 4.1 percent and 3.9 percent, respectively, for the week, while the Nasdaq lost 3.53 percent. Pointswise, the Dow lost 1,096 points this week.
In 2016, the Dow lost 6.2 percent in the week of Jan. 8, while the S&P 500 dropped 5.9 percent that week. The Nasdaq pulled back 5.4 percent the week of Feb. 5.
The Dow posted its worst day since June 2016. The S&P 500 and Nasdaq had their biggest one-day fall since September 2016 and August 2017, respectively.
The major indexes also snapped four-week winning streaks and are now at least 3.5 percent below all-time intraday highs set earlier in the year. The Dow and S&P 500 also closed at three-week lows, while the Nasdaq finished at its lowest level in more than two weeks.
Stocks kicked off the year trading sharply higher, as investors cheered strong global economic growth and better-than-expected corporate earnings.
But Wall Street grew jittery this week as concerns about rising inflation sent interest rates higher. The benchmark 10-year Treasury yield hit its highest level in four years Friday.
Chevron was the worst-performing Dow stock this week, falling 9.6 percent. The energy giant reported earnings Friday that appeared to miss analyst expectations. But the company included a $2 billion tax benefit, which made the profit number difficult to compare with analyst estimates.
DowDuPont, meanwhile, is the second-biggest decliner in the 30-stock index this week, dropping 7.9 percent. The company reported better-than-expected earnings earlier this week, but analysts at Nomura Instinet noted that guidance for first-quarter 2018 appeared to be light.
In the S&P 500, Chesapeake Energy was by far the biggest laggard for the week, sliding 16.8 percent. On Tuesday, the company said in a memo it will lay off about 400 employees, or 13 percent of its workforce.
MetLife was also one of the worst-performing S&P 500 stocks this week. On Monday, the company postponed its fourth-quarter earnings release. MetLife's stock fell more than 13 percent for the week.
UPS, Tractor Supply and Harley-Davidson also fell sharply for the week, rounding out the five worst S&P 500 performers for the week.
Correction: MetLife on Monday postponed its fourth-quarter earnings release. An earlier version misstated the day.