*Which companies were in focus?*
• Shares of *Zillow Group Inc. fell around 4.4%* after the company blew past revenue forecasts but delivered a disappointing forecast late Thursday that reflected uncertainty facing the real-estate sector.
• Shares of *Cloudfare Inc. plummeted 15.7%* after the cybersecurity company’s quarterly results slightly beat Wall Street expectations, but its bottom-line forecast for the current quarter indicated a possible miss in its next report.
• *DoorDash Inc. shares declined 1.4%* after the delivery-platform company topped revenue forecasts but posted a larger-than-expected drop.
• Shares of *World Wrestling Entertainment Inc. fell 1.5%* after reporting earnings and revenue that beat expectations.
• *Block Inc.* fell short on earnings and revenues, but gave upbeat signals about its Cash App business. Shares closed up 0.7%.
In Asia, the Hang Seng Index closed 3.8% lower Friday and slid 5.2% for the week. The Shanghai Composite Index fell 2.2% Friday to book a weekly decline of 1.5%, while the Nikkei 225 Index rose 0.7% Friday for a weekly advance of 0.6%.
*Group of Seven (G7) leaders including U.S. President Joe Biden will hold a video call on Sunday with Ukrainian President Volodymyr Zelenskiy in a show of unity the day before Russia marks its Victory Day holiday, the White House said.*
*Monetary policy remains a key dictator of market sentiment. Global bond yields have surged in recent weeks as investors react to interest rate hikes from the Fed and the Bank of England. The European Central Bank has yet to follow suit, but momentum appears to be building for a summer hike.*
*ECB member and Governor of the Bank of Finland Olli Rehn told CNBC on Friday that market turbulence can be attributed to the “pervasive uncertainty” that is overshadowing the economic outlook.*
“In Europe, we are facing this especially because of the sheer proximity and especially because of the excessive energy dependency on Russian fossil fuels,” he said.
“As far as the European economy is concerned, we have already downgraded our growth forecasts because of these factors. On the other hand, the European economy is still growing, the recovery is on, employment is improving, and we are seeing that there is plenty of fiscal and monetary accommodation that is supporting the economy still.”
*Rehn called for a 25-basis-point rate hike at the ECB’s next policy meeting in order to prevent inflation expectations becoming “entrenched.”*
*Currencies*
# The Bloomberg Dollar Spot Index was little changed
# The euro rose 0.2% to $1.0565
# The British pound fell 0.1% to $1.2348
# The Japanese yen fell 0.2% to 130.49 per dollar
*Bonds*
# The yield on 10-year Treasuries advanced six basis points to 3.10%
# Germany’s 10-year yield advanced nine basis points to 1.13%
# Britain’s 10-year yield advanced three basis points to 2.00%
*Commodities*
# West Texas Intermediate crude rose 1.5% to $109.87 a barrel
# Gold futures rose 0.4% to $1,883.20 an ounce
By: via @AlliesFin Serve Stock Market
