The stronger than expected CPI reversed premarket stock gains and pushed the major indices lower. A weaker Michigan consumer sentiment didn't help with the overall sentiment.
- The weekly percentage declines in the Dow, S&P, and NASDAQ weeks was the worst since January 21
- Major indices closed near lows for the day
- Dow Jones is down 10 of the last 11 weeks
- NASDAQ and S&P is down 9 of the last 10 weeks
- All 11 S&P sectors were lower. The worst sector was consumer discretionary which fell over -4.1%. Technology fell -3.9%, Financials fell -3.65%. Consumer staples was the best performer at -0.38%
The final numbers for the day are showing:
- Dow industrial average fell -880.02 points or -2.73% at 31392.80
- S&P index fell -116.96 points or -2.91% at 3900.85
- NASDAQ index fell -414.19 points or -3.52% at 11340.03
- Russell 2000 fell -50.57 points or -2.73% at 1800.28
For the trading week:
- Dow fell -4.58%
- S&P index fell -5.08%
- NASDAQ index fell -5.6%
- Russell 2000 fell -4.41%
Looking at the Dow 30, the worst performers were:
- Dow, -6.06% -6.06%
- Goldman Sachs -5.48%
- Boeing, -5.05%
- J.P. Morgan, -4.65%
- Salesforce, -4.6%
The only winning stock in the Dow was Walmart with a gain of +0.63%. The best of the worst showed:
- Verizon fell -0.16%
- Procter & Gamble fell -0.36%
- Walgreens boots fell -0.43%
- Coca-Cola fell -0.58%
After the close Tesla has proposed a 3 for1 stock split. The stock closed at $696.69. In after-hours trading it is trading up to $716.23.
Amazon shares went through their 20 for 1 stock split this week. For the week after a rise on Monday, the shares are ending the week down -10.38%.
