Investors are on edge due to a potential government shutdown
On the last trading day of September, stocks delivered one last gut punch to investors, putting the finishing touches on an ugly month for Wall Street. The Dow lost 158 points, reversing earlier gains as a failed Republican spending plan fanned fears of a potential government shutdown. The blue-chip index clocked its worst month since February.
The S&P 500 erased its lead from earlier today as well, on the way to a fourth-straight weekly loss and worst month since December. And while the Nasdaq scored daily and weekly wins, it also logged its worst month since December. To top it all off, all three major indexes finished the quarter with steep losses.
- At least Nike stock finished the month strong.
- Unpacking the third-quarter's grand finale.
- Plus, bull notes buoy these two stocks, and what to expect the first week of October.
5 Things to Know Today
- Citigroup (C) CEO Jane Fraser said the bank is monitoring credit card customers, and that lower end FICO consumers are now showing sings of distress. (CNBC)
- The United Auto Workers strike expanded to Ford Motor (F) and General Motors (GM) plants, with striking auto workers now totaling about 25,000. (MarketWatch)
- Beverage stock earns upgrade as backlash subsides.
- Bumble's cash flow generation draws analyst praise.
- These events could be volatility catalysts next week.
Oil Nabs Weekly, Monthly, Quarterly Wins
Oil prices settled lower on Friday, as interest rates and inflation dinged confidence in the commodity. However, black gold still saw an 8% win on the week, an 8.6% monthly pop, and 28.5% quarterly jump. On the day, crude for November delivery shed 92 cents, or 1%, to settle at $90.79 per barrel.
Gold prices settled lower as well, also due to a bleak interest rate outlook. December-dated gold lost 0.7% to close at $1,850.44 an ounce on the day, and shed 4.6% and 3.6% for the month and quarter, respectively.