Stocks were volatile on Friday as traders tried to close out the worst week. S&P 500 To new lows for 2022.
The S&P 500 is down 0.76%. The Dow Jones Industrial Average fell 307 points (1.05%) and the Nasdaq Composite fell 0.57% of him.
The Fed’s closely watched inflation report released on Friday prices continued to rise rapidly.
Fed Vice Chairman Lael Brainard on Friday Emphasizes the need to lower inflationsaid the central bank was “committed to avoiding a premature pullback” with restrictive monetary policy.
Nike Shares plunged on their worst day since 2001 after the company reported: Sales increased, but supply chain and inventory issues hampered earnings In the first quarter of the fiscal year. The stock has finally fallen 13%.
The Dow fell more than 1%, while the S&P 500 and Nasdaq Composite each dropped more than 2%. Investors weighed their concerns about future Fed rate hike decisions and their impact on the market.
With these losses, the leading averages are keeping up with the steep weekly pace of losses. The S&P 500 is down 1% this week. The Dow is down 1.1% and the Nasdaq is down 0.2%.
“It’s been a very tough environment for both equities and bonds, and this was to be expected given the Fed is holding rates on hold for longer and markets are starting to move closer to that view. Horizon Investments portfolio management.
“Market volatility is likely to decline in the near term as we head into earnings season,” Hill said.
Friday was the last day of the month and also the third quarter. The S&P 500 and Dow each fell more than 7% in September through Thursday’s close. It’s the worst monthly performance for the Dow since March 2020 and the biggest one-month drop for the S&P 500 since June. The Nasdaq is headed for its biggest monthly loss since April, down 9.1%.
So far, the S&P 500 and Nasdaq have fallen three straight quarters for the first time since 2009, down 4% and 2.7% respectively. The Dow Jones Industrial Average fell 5.4% in the third quarter and is on pace to record its first third straight quarterly decline since 2015.