All three major indexes experienced sharp weekly losses across the board
Stocks limped into the weekend once again, with three-day* losses across the Dow and S&P 500. The Dow turned in its lowest close since March. The S&P 500 and Nasdaq also closed the week lower, with the latter still firmly in correction territory despite a modest win today. As earnings reports continue to rattle Wall Street all eyes turn to a pivotal Fed meeting next week for interest rate clarity.
*Editor's note: This previously stated five-day losses across all three indexes. This was incorrect, we apologize for the error.
5 Things to Know Today
- The UAW and General Motors (GM) reconvened for contract negotiations today, following a tense night of talks that carried into Friday morning. (CNBC)
- The testimony of Sam Bankman-Fried, founder of failed crypto exchange FTX, is currently underway. (MarketWatch)
- More on the interest rate decision next week.
- Earnings send energy stock to three-year lows.
- Analyst praises blue-chip pharma stock.
Oil Prices Mark Big Weekly Losses
Oil futures marked their highest close in a week today, as tensions in the Middle East mounted, sparking anxieties of a more widespread conflict in the oil-rich region. For the session, December-dated West Texas Intermediate (WTI) crude added $2.33, or 2.8%, to settle at $85.54 a barrel, but fell 2.9% for the week.
Gold prices rose sharply Friday, touching $2,016.40 an ounce -- their highest intraday levels since May. The safe haven asset's value is appealing to investors seeking stability amid volatility in the Middle East. December-dated gold added $13.60, or 0.7%, to settle at $2,011 an ounce for the day, and gained roughly 0.5% this week.