Stocks in the US fell on Friday due to investors continuing to be concerned about a hawkish Federal Reserve and interest rate rises, rising inflation, disappointing earnings, especially from mega-cap tech firms.

Tech-heavy Nasdaq Composite, which entered correction territory midweek, tumbled further, dragged along by streaming giant Netflix. The Dow Jones Industrial Average fell more than 300 points, falling further below its 200-day moving mean. The benchmark S&P 500 suffered its worst weekly performance since 2020.

Here are the US indexes at 4:00 p.m. ET closes Friday

• S&P500 :4,397.73 - down 1.9%
• Dow Jones Industrial Average - 34.265.50, down 1.3% (449.89 Points)
• Nasdaq -13.768.92, down 2.2%

Netflix plunged 20% following disappointing subscriber outlook. Netflix lost almost 16% year-to-date, Thursday through, along with a wider selloff in tech stocks. These stocks have largely benefited from the low-interest rate environment during the pandemic. Here are three Wall Street analysts explaining why they are less bullish about the stock.

Peloton, however, managed to rebound Friday and climb above 10% following a 24% slump the previous session. The maker of high-end exercise equipment acknowledged that it will adjust its production to meet lower demand.

In early 2022, US equity markets were impacted by the expectation that the Fed would increase rates again and begin to reduce its balance sheet. This will end the Fed's support for the US economy via the pandemic.

Edward Moya (Oanda senior equity analyst) stated that Wall Street is now arguing about how aggressive it should be to rotate out of tech and into cyclical.

Moya stated that investors have two main concerns. Inflationary pressures could lead the Fed to become too aggressive in tightening its monetary policy. Profit growth expectations may be too optimistic given rising labor costs.

Technology earnings include Apple, Microsoft and Tesla.

Jason Brady, President and CEO of Thornburg Investment Management stated in a note that "I'm focused... on earnings." "Markets are moving on many interesting paths to begin the year. I think we will have a market that isn't linearly correlated to rates by 2022.

The 10-year Treasury yield fell to 1.749%, compared with Thursday's 1.833%. Prices are inversely affected by bond yields.

As cryptocurrencies track the decline in equities, the prices of cryptocurrencies have fallen sharply.

Bitcoin fell as high as 10% to a six month low below $38,000, while ether plummeted to $3,000 due to an intensified Friday sell-off.

"The decline isn't a breakdown but it brings bitcoin out the consolidation phase which has characterized the chart over the past three weeks in a bearish shifting in short-term momentum," Katie Stockton (founder of Fairlead Strategies) said Friday in a note, adding that $37.361 is the key support level that she sees in bitcoin.

Although oil prices have slightly declined, they are still at their highest level since late 2014.

West Texas Intermediate crude oil dropped 0.71% to $84.94 a barrel. Brent crude oil, the international benchmark for oil, fell as much as 0.8% to $87.61 per barrel because of strong demand.

JPMorgan stated that Brent could rise to $150 per barrel in the first quarter 2022, if there is a conflict between Russia or Ukraine.

The price of gold fell 0.4% to $1,830.26 an ounce.