All three indexes closed the day, week, month, and quarter lower
Stocks closed out a dismal September on a low note, after continuing the recent trend of afternoon pullbacks, with the Dow dropping 500 points for the day -- securing its largest monthly percentage loss since March 2020. Nike's post-earnings plummet weighed on the broader market, as investors unpacked this morning's hotter-than-expected inflation reading.
All three major benchmarks finished the week, the month, and the quarter lower, after the Fed's interest rate hike earlier this month sparked a prolonged selloff. This marks three-straight losing quarters for the indexes -- the S&P 500 and Nasdaq's lengthiest quarterly losing streak since 2009, and the Dow's longest since 2015.
Continue reading for more on today's market, including:
- Nvidia stock has pulled back to long-term support.
- More about Nike stock's dramatic drop.
- Plus, checking in with BBY; GNRC receives upgrade; and APRN's CFO resigns.
The Dow Jones Average (DJI - 28,725.51) dropped 500.1 points, or 1.7% for the session, 2.9% for the week, 8.8% for the month, and 6.7% for the quarter. Every Dow member closed in the red today, with Merck & Co (MRK) landing at the top of list with a 0.4% drop, while Nike (NKE) landed at the bottom with a sharp 12.8% drop.
The S&P 500 Index (SPX - 3,585.62) shed 54.9 points, or 1.5% for the day, losing 2.8% for the week, 9.3% for the month, and 5.2% for the quarter. Meanwhile, the Nasdaq Composite (IXIC - 10,575.62) fell 161.9 points, or 1.5% for the day, 2.7% for the week, 10.5% for the month, and 4.1% for the quarter.
Lastly, the Cboe Volatility Index (VIX - 31.62) lost 0.2 point, or 0.7%, today. For the week, Wall Street's "fear index" added 5.6%, gaining 22.1% for the month and 10% for the quarter.
5 Things to Know Today
- Ukraine has formally applied to join NATO, with President Volodymyr Zelensky pushing for an accelerated membership path. (Bloomberg)
- After Brett Favre's connection to a welfare scandal in Mississippi, at least two brands have quietly distanced themselves from the Hall of Famer. (MarketWatch)
- Best Buy stock hits two-year low.
- Analyst says power equipment stock's headwinds already priced in.
- Blue Apron stock closed out a strong quarter.
Oil, Gold Fall For the Quarter
Oil futures finished lower for the second day, with November-dated West Texas Intermediate (WTI) crude $1.74, or 2.1%, to settle at $79.49 barrel. For the week, prices rose 1%, though still dropping 11% for the month and nearly 25% for the quarter.
December-dated gold rose $3.40, or 0.2%, to settle at $1,672 per ounce for the day, adding 1% for the week. However, the front-month contract fell 3.1% for the month and 7.5% for the quarter as the U.S. dollar strengthened.