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Stock market today: Dow slumps nearly 300 points; Fed meeting next

Published Sep 15, 2023 04:15PM ET
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Investing.com -- U.S. stocks accelerated their losses, closing lower on Friday after a week of mixed economic data as investors turn their attention to next week's Federal Reserve interest rate decision.

At 16:01 ET (20:01 GMT), the Dow Jones Industrial Average was down 288 points or 0.8% while the S&P 500 was down 1.2% and the NASDAQ Composite was down 1.6%.

The weakness reverses strong gains on Thursday, helped by the positive reaction to the debut of chip designer Arm (NASDAQ:ARM) after its listing.

Arm’s success could prompt more listings

Arm Holdings stock soared almost 25% above its Nasdaq debut price on Thursday, boding well for other deals already in the pipeline, including the debut of delivery platform Instacart as early as this month. Shares gave back some on Friday, falling 4.5%.

The success of Arm's listing could encourage other companies that have waited out volatile markets to take a dip in the IPO market. About 150 companies are waiting to go public on the Nasdaq, a 40% increase from the same time last year, Reuters reported Friday, citing sources. Instacart filed updated information, including an IPO price range of $28 to $30 share, aiming for a valuation for Instacart of up to $10 billion. 

Fed's next meeting in view

Investors have been digesting mixed economic data as the Federal Reserve heads into its next meeting just days away. The retail sales report on Thursday showed a resilient consumer heading into the holiday shopping season. But inflation was slightly elevated, especially considering higher fuel prices in August. And consumer confidence slipped in early September.

Investors are turning their attention to next week's Fed policy-setting meeting, looking for clues to help clarify the policy path ahead for both Fed officials and markets alike. Futures traders are largely expecting the Fed to keep rates steady after raising them at 11 of is past 12 meetings, though investors will be listening carefully to what Chair Jerome Powell says at his press conference for clues on Fed policy making for the rest of the year.

The highlight of economic data on Friday was the preliminary September consumer sentiment reading from the University of Michigan. The reading was 67.7, lower than the 69.1 expected.

Sentiment was boosted earlier Friday after Chinese industrial production increased by more than expected in August, and there was also a pick-up in retail sales.

Auto stocks hold steady after union workers go on strike

Members of the United Auto Workers have gone on strike at three major assembly plants for the first time ever after failed talks between the union and the so-called "Big Three" major carmakers on a new labor contract.

The walkouts hit factories in Michigan, Ohio, and Missouri owned by General Motors (NYSE:GM), Ford Motor (NYSE:F) and Jeep-maker Stellantis (NYSE:STLA). But auto stocks were holding their own. Ford slipped less than 0.1% and GM was up 0.8%.

The strike complicates the White House's economic agenda, but President Joe Biden said Friday he hoped the union and Detroit's big three auto makers will be able to reach "a win-win agreement." White House economic adviser Gene Sperling and acting Labor Secretary Julie Su will go to Detroit "to offer their full support for the parties" in reaching a contract, Biden said.

Separately, Planet Fitness (NYSE:PLNT) shares slumped 15.9% after the unexpected departure of the gym and fitness center operator's CEO. The company said it has engaged an executive search firm to find a successor.

Crude set for strong weekly gains

Oil booked a third weekly gain, with U.S. crude trading above $90 per barrel the first time in 10 months on better-than-expected data from top importer China, as markets awaited the Fed’s verdict on inflation.

 

 

Stock market today: Dow slumps nearly 300 points; Fed meeting next
 

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Comments (13)
jamie
jamie Sep 16, 2023 1:13PM ET
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Today's market only runs for Put option trader, they drove stock price down, but it means they desperately needs short squeeze very soon.
Sep 15, 2023 9:49PM ET
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Finally, the manipulated market is just started to be corrected
Gary Smith
Gary Smith Sep 15, 2023 8:15PM ET
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I've been in the markets for many years. Today, confirmed manipulation of the markets like I have never seen before. Absolutely crazy.
Erikke Evans
Erikke Sep 15, 2023 7:43PM ET
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Minimize the negative, maximize the positive. lol
Derick Lim
Derick Lim Sep 15, 2023 7:39PM ET
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Hmmm..... Messiah AI absconded......Optimism become pessimism....... wonder what new 🐂💩the fortune telling analysts will spew out next..... guess Otis Grant butt must be hurting now
Michael Benson
Michael Benson Sep 15, 2023 7:11PM ET
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Financial institutions face increasing regulatory pressure.
Michael Benson
Michael Benson Sep 15, 2023 7:11PM ET
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Technology stocks continue to perform well.
Jhon Mackenrou
Jhon Mackenrou Sep 15, 2023 7:11PM ET
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Same same
Stan Smith
Stan Smith Sep 15, 2023 5:50PM ET
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Good thing stocks were pumped up yesterday to offset today's losses. Its almost as if these markets are being managed? ;-)
Gary Smith
Gary Smith Sep 15, 2023 5:50PM ET
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They are. Today made it obvious. I always doubted it until today.
Casador Del Oso
Casador Del Oso Sep 15, 2023 5:38PM ET
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All aboard. Next stop for WTI $100 a barrel. The subsequent recession to follow.
Mitchel Pioneer
Mitchel Pioneer Sep 15, 2023 4:49PM ET
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The criminal put a floor in at 34.6 that wouldn't be broken.  Greatest financial fraud in history.
Tom Michaels
Tom Michaels Sep 15, 2023 4:46PM ET
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Twosome screwsome. So much manipulation you can't keep an eye on. Losers
 
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