NEW YORK (CNNMoney)
The Dow, the S&P 500, and the Nasdaq dropped between 0.3% and 0.4% in early Friday trading on renewed worries that the Federal Reserve could soon scale back its bond massive bond buying program.
Fed officials have been in damage control mode lately about the end of so-called quantitative easing.
But in trying to allay investor fears, Fed governor Jeremy Stein might have inadvertently stoked them. In a speech Friday morning, he said that the Fed could consider tapering its bond buying in September.
Fed chairman Ben Bernanke kicked off tumult in the stock, bond and gold markets last week. He said the central bank could wind down its stimulus program later this year, if the economy continues to improve.
Related: Fed officials in damage control mode
The mere mention of any end to bond buying sent bond investors scrambling for the exits. The yield on the 10-year Treasury note hit 2.65% earlier this week -- its highest level since August 2011 and well above the 1.6% in early May. On Friday, 10-year yields hovered around 2.53%
Gold prices have been slammed as well. On Friday, gold dropped more than 1%, after falling more than 13% this month.
While June has been negative for investors, stocks are on track to end the quarter up 3%. Year-to-date, stocks are up 12% to 15%.
Related: Fear & Greed Index nudges up to fear
Embattled mobile company Blackberry (BBRY) reported first-quarter results Friday that fell short of analysts' forecasts. Shares tumbled more than 25%.
Nike (NKE, Fortune 500) shares edged lower in early trading. Despite better-than-expected earnings, analysts worry about Nike's ability to cut costs.
Shares of outsourcing and consulting firm Accenture (ACN) were lower after it cut expectations for its year-end results.
Shares of Pfizer (PFE, Fortune 500) edged higher after the drug maker announced late Thursday that it would increased its share buyback program by $10 billion.
European markets dropped in afternoon trading, while Asian markets ended in positive territory.
The benchmark Nikkei boomed on positive economic data out of Japan, adding 3.5%. The Shanghai Composite increased 1.5% and the Hang Seng closed 1.8% higher.
First Published: June 28, 2013: 9:45 AM ET
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