dow industrials down for 5th straight session in longest losing streak since may 25 us stocks ended lower on friday with the three major indexes posting their worst week since the collapse of silicon valley bank in march suggesting a threemonth rally may be coming to an end for the week the sp 500 index was down 14 snapping a fiveweek winning streak and booking its largest weekly decline since march 10 2023 the dow industrials logged a weekly drop of 17 while the nasdaq fell 14 snapping a eightweek winning streak according to dow jones market data meanwhile investors sought safety in bonds and the us dollar as a wave of interestrate hikes and hawkish commentary from international central bankers revived worries about global economic growth on thursday the dow industrials fell 481 points or less than 01 to close at 3394671 the fourday slide is the bluechip gauges longest losing streak since a fiveday drop that ended on may 25 according to dow jones market data us stocks finished lower on friday snapping the longest stretch of weekly gains since march 2019 for the nasdaq composite concerns that interestrate rises by central banks might harm global economic growth were weighing on global equities on friday following rate hikes in the uk switzerland norway and turkey on thursday data released on friday also showed business activity in the eurozone losing momentum in june according to a purchasing managers survey see global growth outlook deteriorates on central bank rate hikes raising risks for us and markets while the federal reserve opted to leave interest rates on hold in june chair jerome powell reiterated in congressional testimony this week that senior fed officials strongly support hiking rates a couple of times later this year on thursday though richmond fed president tom barkin said hes waiting for the haze to clear before deciding on need for more rate hikes barkin said that he thinks there is a plausible story out there about inflation coming under control if it doesnt he said he is comfortable doing more us economic growth may also be slowing the sp global us services index fell to 541 in june from 549 in the prior month a twomonth low while the manufacturing index slid to a fivemonth low of 463 from 484 in may us stocks are sliding as the global growth outlook continues to deteriorate following soft global pmi readings edward moya senior market analyst at oanda wrote in a note friday the risk of a sharper economic downturn is greater for europe than it is for the us so that could keep the dollar supported over the shortterm seeoption demand explodes in june as investors use bullish bets to chase stockmarket rally ryan belanger founder and managing principal at claro advisors is among the analysts who believe the recent stock markets rally was getting ahead of itself the market is too confident that the federal reserve can engineer a soft landing and it would be wise for investors to reduce exposure to stocks belanger said in emailed commentary the market is coming off a rally that is also leading some to conclude that this might be a healthy pullback the sp 500 had climbed for five straight weeks through june 16 its longest winning streak since november 2021 dow jones market data show meanwhile the technologyheavy nasdaq logged its eighth straight weekly advance last week to mark its longest stretch of gains since march 2019 some of this is a bit of a giveback and when you look at the market action from the last month and a half weve kind of gone parabolic paul nolte senior wealth manager and market strategist at murphy  sylvest wealth management told marketwatch seebondmarket recession indicator is saying trouble ahead for us economy defensive assets like the dollar and highquality sovereign bonds were outperforming on friday with the yield on the 10year treasury note fell 6 basis points to 3737 from 3797 on thursday yields on 10year uk bonds and 10year german government bonds were down by 10 basis points or more crude prices  which are sensitive to expectations for the global economy fell 05 to 6916 per barrel however us treasury secretary janet yellen struck an upbeat tone friday when she said during an interview with bloomberg that recession risks in the us have faded because look at the resilience of the labor market and inflation is coming down for other risky assets bitcoin friday hit its highest level in a year after three financial services giants blackrock invesco and wisdomtree filed applications for spot bitcoin exchangetraded funds bitcoin traded at 30856 after hovering above the 31000 level in early afternoon the last time bitcoin traded above that level was on june 8 2022 when it traded at an intraday high of 3151549 according to dow jones market data this content was created by marketwatch which is operated by dow jones  co marketwatch is published independently from dow jones newswires and the wall street journal