Dow Turns in Worst Week Since Mid-August

The Nasdaq is now officially in correction territory

Deputy Editor
Oct 27, 2023 at 4:25 PM
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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.

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5 Things to Know Today

  1. The UAW and General Motors (GM) reconvened for contract negotiations today, following a tense night of talks that carried into Friday morning. (CNBC)
  2. The testimony of Sam Bankman-Fried, founder of failed crypto exchange FTX, is currently underway. (MarketWatch)
  3. More on the interest rate decision next week.
  4. Earnings send energy stock to three-year lows.
  5. Analyst praises blue-chip pharma stock.

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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.

 

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