Worst week since June for S&P 500, Nasdaq | FedEx shares sink | What the Dow Transports’ fall portends for the market

The major averages wrapped up an ugly week, falling further into the red.

VIEW IN BROWSER | SUBSCRIBE FRI, SEP 16, 2022 EVENING BRIEF AS OF FRI, SEP 16, 2022 • 04:57 ET DJIA 30822.42 -0.45% -139.40 S&P 500 3873.33 -0.72% -28.02 NASDAQ 11448.40 -0.90% -103.95 Most Active 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% EDITOR'S NOTE 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." Jesse Pound | CNBC Markets Reporter @jesserpound Watch our live stream for all you need to know to invest smarter. TOP NEWS  Stocks close lower on Friday, extending sell off for worst week since June for S&P 500 and Nasdaq FedEx shares sink after company cites weakening global demand Uber investigates 'cybersecurity incident' after reports of a hack on the company FedEx plunge could spell bad days ahead for market as bellwether Dow Transports index hits new low How crypto billionaire Sam Bankman-Fried survived the market wreckage and still expanded his empire A traditionally boring part of the market is beating the S&P 500 in 2022. How analysts say to play it Biden White House just put out a framework on regulating crypto — here's what's in it Putin admits China has 'concerns' over Ukraine invasion; Russia's Wagner Group recruiting convicts Here's why Hispanic workers could face an outsized hit in a U.S. recession Why Ford is keeping its Mustang gas-powered as part of its electric vehicle push TOP VIDEO High-quality bonds show promising 12-month yield, says Janney Montgomery Scott's Guy Lebas CNBC PRO Want a risk-free 4% return? How investors can buy a simple Treasury SPECIAL REPORTS The extended tax deadline is fast approaching for 19 million Americans. What to know if you still haven't filed As Social Security disability application wait times hit record high, experts say it's a sign the agency needs more funding Unsubscribe Manage Newsletters Terms of Service Join the CNBC Panel Digital Products Feedback Privacy Policy © 2022 CNBC LLC. All rights reserved. A property of NBCUniversal. 900 Sylvan Avenue, Englewood Cliffs, NJ 07632 Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes and Market Data and Analysis. Data also provided by THOMSON REUTERS