Reuters / Marcos Brindicci
- US stocks traded mixed on Friday as a government shutdown looked increasingly likely.
- The session also closed out a dismal September, with the S&P 500 losing 5% to mark its worst month of 2023.
- For the third quarter, the benchmark index lost about 4%.
US stocks traded mixed on Friday as investors initially cheered better-than-expected inflation news but grew jittery as a government shutdown appeared more likely.
The core personal consumption expenditure price index, which is the Fed's preferred measure of inflation, rose 0.1% in the month of August, less than the expected 0.2% monthly increase.
September marked the second straight losing month for stocks. The S&P 500 slid around 5% to mark its worst month of 2023, while the Dow lost about 4%, and the Nasdaq sank 6%. For the third quarter, the S&P 500 and Nasdaq were down about 4%, and the Dow 3%.
"It may be an understatement to say it has been a rough month for stocks," LPL Financial chief technical strategist Adam Turnquist said in a statement on Friday. "However, in terms of performance, nothing really qualifies out of the ordinary. Since 1950, the S&P 500 has historically declined in September 55% of the time, posting an average loss of around 3.8%. The VIX historically peaks on the year around week 40, suggesting next week could be a top for implied volatility."
Here's where US indexes stood shortly at the 4:00 p.m. closing bell on Friday:
- S&P 500: 4,288.05, down 0.27%
- Dow Jones Industrial Average: 33,507.50, down 0.47% (158.84 points)
- Nasdaq Composite: 13,219.32, up 0.14%
Here's what else happened today:
- US Treasury yields could hit 5% in "literally weeks," according to Bill Ackman.
- Authorities are investigating LVMH billionaire Bernard Arnault in a potential money laundering probe.
- Russia and Saudi Arabia have likely made close to $3 billion this quarter due to rising oil prices.
- The Fed is throwing "kerosene on the fire" with its aggressive rate hikes, billionaire investor Barry Sternlicht said.
- Steep wage hikes for union workers mark the "final echo"of the inflation surge, according to Goldman Sachs.
In commodities, bonds, and crypto:
- West Texas Intermediate crude oil slid 1.05% to $90.75 a barrel. Brent crude, the international benchmark, dropped 3.51% to $92.05 a barrel.
- Gold fell 0.89% to $1,848.29 per ounce.
- The yield on the 10-year Treasury bond slipped three basis points to 4.567%.
- Bitcoin dipped 0.24% to $26,916.