By Yasin Ebrahim

Investing.com – The S&P 500 fell Friday, as banking stocks gave up their gains from a day earlier, and big tech continued to nurse losses.

It fell 0.7% while the fell 1.1% (393 points), and the rose 0.2% (0.2%).

The 10-year yield dropped below 1.4% due to concerns over the effect of the micron variant on financial stocks.

Wells Fargo (NYSE:), People’s United Financial (NASDAQ:), and Goldman Sachs (NYSE:) were among the biggest declines with the latter down 4%.

Energy wasn’t far behind, down about 1% as investors continued to assess the threat of Omicron on energy demand.

As the FedEx reported its quarterly results, the FedEx (NYSE ) also posted strong top- and bottom line numbers.

FedEx earned $4.83 per share in better than anticipated earnings, due to higher shipping rates and increased costs during its fiscal second quarter.

“FDX reported fiscal 2Q results that were better than feared, and the company raised its full year guidance,” Duetsche Bank said as it lifted it price target on the FedEx to $310 from $299.

Some continued to support this sector, which is economically sensitive, despite the fact that they were being sold in cyclicals. They trade with the economy in tandem.

“Given our outlook on the economy that eventually once we get past the omicron impact, this economy is still post recessionary growth,” Peter Duffy, chief investment officer of credit at Penn Capital Management said in an interview with Investing.com on Friday.

“We would tend to favor economic cyclicality are kind of the value names as opposed to the growth themes,” Duffy added.

This backdrop would favor the economic cyclicality of value names over growth themes.

As investors reconsider their desire to invest in growth markets, they continue to lose faith in big tech despite expectations that rates will rise.

Facebook (NASDAQ 🙂 and Amazon(NASDAQ 🙂 were the exceptions to this selloff.

Health care was one of the few sectors in the green as a rally in health-care information company Cerner offset weakness in Johnson & Johnson (NYSE:) and Eli Lilly and Company.

After a Wall Street Journal report suggesting that Cerner was being considered for a sale to Oracle (NYSE :), Cerner rose more than 12%.

Johnson & Johnson fell more than 2% after an advisory panel for the Centers for Disease Control and Prevention voted to recommend vaccines from Pfizer and Moderna over the Johnson & Johnson vaccine. 

New data from the CDC has been reported by the CDC indicating an increase in blood clots due to JNJ vaccination.

Eli Lilly and Company (NYSE:) fell 4% amid concerns about its Alzheimer’s Disease securing approval after The European Union’s drug regulator on Friday rejected Biogen (NASDAQ:) Alzheimer’s drug, Aduhelm.

In other news,  General Motors (NYSE:) fell more than 5% after Dan Ammann, CEO of its autonomous vehicle business Cruise, reportedly left the company.