Lackluster retail sales and consumer sentiment data sent stocks skidding into the weekend, squashing any hopes that Wall Street's rally yesterday could have legs. Despite a triple-digit pop in the morning, the Dow ultimately shed 403 points, closing back below the psychologically significant 30,000 level. Nevertheless, thanks to yesterday's massive gain, the blue-chip index logged its second-straight weekly win.
The Nasdaq and S&P 500 finished deep in the red as well, tagging weekly losses in the process. Elsewhere, the 10-year Treasury yield clocked a second-straight day above 4%, while the Cboe Volatility Index (VIX) logged its highest weekly close since April 29.
The Dow Jones Average (DJI - 29,634.83) shed 403.9 points, or 1.3% for the day, but rose 1.2% for the week. JPMorgan Chase (JPM) led the gainers, adding 1.7%, while American Express (AXP) paced the laggards with a 3.4% drop.
The S&P 500 Index (SPX - 3,583.07) dropped 86.8 points, or 2.4% for the day, and 1.5% for the week. Meanwhile, the Nasdaq Composite (IXIC - 10,321.39) fell 327.8 points or 3.1% for the session, and 3.1% for the week.
Lastly, the Cboe Volatility Index (VIX - 32.02) added 0.08 points or 0.3% for the session, and 2.2% for the week.
OIL, AND GOLD PRICES LOG WEEKLY LOSSES
Oil prices settled lower on Friday to record a steep 8% weekly drop. The general consensus among analysts that a recession is coming in 2023 is hurting the demand outlook for black gold. In turn, November-dated crude shed $3.50, or 3.9%, to close at $85.61 per barrel on the day.
Gold prices were lower as well, marking their worst close so far in October, as well as a 3.5% loss for the week. Red-hot inflation data made more aggressive interest rate hikes more likely, weighing on the yellow metal. December-dated gold shed $28.10, or 1.7%, to close at $1,648.90 an ounce for the day.
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