The stock market continued to move lower on Friday, extending losses from Thursday as investors grew more concerned about the possibility of tighter monetary policy from the Federal Reserve. Suddenly, market participants who had thought that the Fed might stop raising interest rates entirely now seem to believe that larger rate hikes could come in the short run, potentially bringing about a deeper recession later in 2023. The Dow Jones Industrial Average (DJINDICES: ^DJI) actually held up reasonably well, but the broader market was lower early Friday.

A couple of stocks showed the cross-currents running through the stock market on Friday. Shares of Moderna (NASDAQ: MRNA) moved lower after the biotech giant released information about a key clinical study that has implications for the future of its business strategy. In addition, DoorDash (NYSE: DASH), which serves restaurant patrons with food delivery, saw its stock swing from early gains to later losses even as it performed better than many had expected in its latest quarterly results.

Shares of Moderna were down 5% on Friday morning. The vaccine maker had hoped to see unequivocally good news from a trial of its flu vaccine, but mixed performance left shareholders less certain about the company's strategy of expanding mRNA vaccines beyond COVID-19.

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Source Fool.com