The major averages wrapped up an ugly week, falling further into the red.
 | FRI, SEP 16, 2022 | | | |
| DOW | | NAME | LAST | CHG | %CHG | | AAPL | 150.70 | -1.67 | -1.10% | | INTC | 29.24 | +0.40 | +1.39% | | VZ | 41.25 | +0.22 | +0.54% | |
| | S&P 500 | | NAME | LAST | CHG | %CHG | | AAPL | 150.70 | -1.67 | -1.10% | | AMZN | 123.53 | -2.75 | -2.18% | | TSLA | 303.35 | -0.40 | -0.13% | |
| | NASDAQ | | NAME | LAST | CHG | %CHG | | AAPL | 150.70 | -1.67 | -1.10% | | AMZN | 123.53 | -2.75 | -2.18% | | TSLA | 303.35 | -0.40 | -0.13% | |
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Stocks ended an ugly week with a whimper on Friday, closing lower across the board. The S&P 500 and Nasdaq finished with their worst weeks since June, as the market never regained its stability after Tuesday's surprisingly hot inflation report appeared to catch many traders wrong-footed. |
As stocks steadily declined on Thursday and Friday, the S&P 500 broke below some key technical and psychological levels. Many Wall Street strategists believe the index is destined to retest its mid-June levels below 3,700. And now this unsteady market goes into another week in which the Federal Reserve is expected to announce the latest in a series of big rate hikes. "As the S&P 500 hovers below the all-important 3,900 level, and the 10-year Treasury yield inches ever closer to 3.5%, the Fed-sensitive 2-year Treasury note flirts with 3.9% suggesting that the Fed's aggressive campaign to kill off inflation is to be taken seriously,"
LPL Financial's Quincy Krosby said in a note. "The canary in the coal mine may not yet be dead, but is probably struggling to breathe." |
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