Dow tumbled 521, decliners over advancers a noticeable 5-1 & NAZ sank 306.  The MLP index was off 1+ to 212 & the REIT index fell 3+ to the 367s.  Junk bond funds declined along with the stock market & Treasuries saw a little buying, lowering yields.  Oil was steady at 78 after it's recent rise & gold retreated 20 to 1805.

AMJ (Alerian MLP index tracking fund)

Federal Reserve

US economic growth revised up to 3.2% despite soaring rates, inflation

The 10-year Treasury yield fell as investors remained concerned that further interest rate hikes could tip the economy into a recession.  The yield on the benchmark 10-year Treasury note was last down roughly 2 basis points at 3.662% while the yield on the 30-year Treasury bond slipped about 2 basis points to 3.728%.  The yield on the 2-year note rose more than 3 basis points at 4.25%.  Yields move inversely to prices.  Global bonds sold off earlier in the week, driving yields higher, after the Bank of Japan unexpectedly tweaked its yield curve controls, in a move aimed at cushioning the effects of protracted monetary stimulus measures.  However, economists largely interpreted the move as a necessary tweak rather than the prelude to a hawkish pivot from the persistently accommodative central bank.  Positive sentiment returned to risk assets yesterday after a strong round of corp earnings & the release of consumer confidence data for Dec, which came in at the highest level since Apr.

10-year Treasury yield falls Thursday as U.S. recession fears linger

Hundreds of employees at Tyson Foods (TYS) have decided not to relocate to the company's headquarters in Arkansas next year as the company consolidates its corp offices.  The workers are reportedly from 2 of its largest business units.   Tyson (TYS) announced in Oct that it planned to close its offices in Chicago, Downers Grove, Ill. & Dakota Dunes, SD.  Those corp employees work in the prepared foods, beef & pork divisions.  About 1000 employees total work in those locations, the company has said.  About ¾ of the 500 employees in the South Dakota office told the company they wouldn't make the move.  More than 90% of the employees in its Chicago office have declined to relocate.  Nationwide, the meat company has about 120K employees, with about 114K of them working in production plants.  "I’m confident the plan we have in place ensures business continuity and positions us for long-term success," said CEO Donnie King.  "We knew there would be a variety of responses when we announced the consolidation of our corporate locations."  The stock fell  68¢.
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Hundreds of workers leaving Tyson as company closes offices: report

It looks like the bulls started their holiday weekend early.  The revision for Q3 GDP didn't help today.

Dow Jones Industrials