{"id":77589,"date":"2023-10-27T16:47:30","date_gmt":"2023-10-27T20:47:30","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/dow-closes-at-lowest-since-march-as-sp-500-joins-nasdaq-in-correction-territory\/"},"modified":"2023-10-27T16:47:33","modified_gmt":"2023-10-27T20:47:33","slug":"dow-closes-at-lowest-since-march-as-sp-500-joins-nasdaq-in-correction-territory","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=77589","title":{"rendered":"Dow closes at lowest since March as S&#038;P 500 joins Nasdaq in correction territory"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002664442\" role=\"document\">\n<p>U.S. stocks capped off a volatile week with more losses on Friday and only the Nasdaq finishing in the green as the S&amp;P 500 index joined the tech-heavy gauge in correction territory. <\/p>\n<h2>What happened<\/h2>\n<ul class=\"articleList\">\n<li>\n      The S&amp;P 500<br \/>\n        SPX<br \/>\n       was down 19.86 points, or 0.5%, to 4,117.37. <\/p>\n<\/li>\n<li>\n      The Nasdaq Composite<br \/>\n        COMP<br \/>\n       gained 47.41 points, or 0.4%, to 12,643.01. <\/p>\n<\/li>\n<li>\n      The Dow Jones Industrial Average<br \/>\n        DJIA<br \/>\n       shed 366.71 points, or 1.1%, to 32,417.59. <\/p>\n<\/li>\n<\/ul>\n<p>U.S. stocks  booked heavy losses this week, with the Dow Jones Industrial Average seeing its biggest drop since the week ended Aug. 18, according to Dow Jones Market Data. <\/p>\n<div class=\"paywall\">\n<p>Both the S&amp;P 500 and Nasdaq entered correction territory this week, and are poised for their worst October performance since 2018.<\/p>\n<h2>What drove markets<\/h2>\n<p>U.S. stocks endured another difficult week, with the S&amp;P 500 falling during four out of five trading days to log its biggest weekly drop in more than a month, according to Dow Jones Market Data.<\/p>\n<p>The S&amp;P 500 logged its lowest close since May 24, according to Dow Jones data, while the Dow saw its lowest close since March 28. The S&amp;P 500 has also fallen 10.3% since its July 31 closing high, leaving it in correction territory. <\/p>\n<p>Investors typically define a correction as a drop of 10% or more from a recent high. <\/p>\n<p><strong>See:<\/strong> S&amp;P 500 index enters a correction. Here\u2019s what it means for future performance.<\/p>\n<p>All three major U.S. equity indexes finished lower on the week, the sixth such decline in eight, as a selloff that began in early August continued to gather pace. <\/p>\n<p>The market got a brief reprieve earlier after Amazon.com<br \/>\n        AMZN,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210331248\/composite\" class=\"positive\">+6.83%<\/bg-quote><br \/>\n       reported earnings that surpassed expectations on Wednesday evening, which showcased the company\u2019s progress in lifting margins, both in its retail business and in cloud. Intel<br \/>\n        INTC,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/203649727\/composite\" class=\"positive\">+9.29%<\/bg-quote><br \/>\n       also beat estimates. <\/p>\n<p>Strong numbers from Amazon helped lift the Nasdaq, which outperformed the Dow by 1.5 percentage points, the largest such margin since Aug. 21, according to Dow Jones data. <\/p>\n<p>But Amazon earnings ultimately weren\u2019t enough to assuage investors\u2019 concerns about soft sales volumes and expected difficulties with profit-margin expansion at America\u2019s largest companies. <\/p>\n<p>\u201cI think the grand totality is you\u2019re coming off an earnings week where some of the old economy companies were telling you that volumes were soft heading into the fourth quarter, while the majority of big cap tech stocks have told you they\u2019re going to have flat margins next year,\u201d said Victor Cossel, macro strategist at Seaport Research Partners, during an interview with MarketWatch. <\/p>\n<p>Meanwhile, investors have largely disregarded \u201cbackwards-looking\u201d economic data released this week, including a report on U.S. GDP that showed the economy grew at the fastest pace in more than two years over the summer. Although inflation numbers included in Friday morning\u2019s PCE data release raised some eyebrows, Cossel said. <\/p>\n<p>Markets also remained focused on the Israel-Hamas conflict, as earlier reports about a potential ceasefire were not confirmed. Instead, Israel is expanding its ground operations in Gaza. <\/p>\n<p>Elevated geopolitical risks have made investors less willing to hold stocks heading into the weekend, strategists said. <\/p>\n<p>\u201cThe one difficulty for the market today, going into the weekend, is concern that the situation in the Middle East could deteriorate and widen further considering a U.S. military strike against two Syrian structures, following attacks on U.S. troops in the region,\u201d said Quincy Krosby, chief global strategist for LPL Financial.<\/p>\n<p>In U.S. economic data, the latest PCE index, which included the Federal Reserve\u2019s preferred inflation gauge, showed the cost of goods and services rose a higher-than-expected 0.4% in September. A measure of core inflation, meanwhile, was in line with expectations. <\/p>\n<p>Data also showed consumer spending rose a sharp 0.7% in September, a sign of spending strength previously reflected in retail-sales data.<\/p>\n<p>Economists analyzing the report concluded that while the increase in spending looked favorable, it came at the expense of declining savings, adding to concerns about the strength of the U.S. consumer heading into the final months of 2023. <\/p>\n<p>Meanwhile, survey data from the University of Michigan showed consumer sentiment improved slightly at the end of October, while higher gas prices left people more worried about inflation.<\/p>\n<h2>Companies in focus<\/h2>\n<ul class=\"articleList\">\n<li>\n      <strong>Amazon.com Inc.<\/strong> shares<br \/>\n        AMZN,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210331248\/composite\" class=\"positive\">+6.83%<\/bg-quote><br \/>\n       rose after the e-commerce giant delivered a massive earnings beat.<\/p>\n<\/li>\n<li>\n      <strong>Intel Corp.\u2019s<\/strong> stock<br \/>\n        INTC,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/203649727\/composite\" class=\"positive\">+9.29%<\/bg-quote><br \/>\n       jumped after the chip maker beat expectations for its third quarter and delivered an upbeat forecast for the current quarter.<\/p>\n<\/li>\n<li>\n      <strong>Ford Motor Co.<\/strong> shares<br \/>\n        F,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/208911460\/composite\" class=\"negative\">-12.25%<\/bg-quote><br \/>\n       fell after the automaker withdrew guidance, citing the pending agreement with the United Auto Workers, and revealed a $1.3 billion loss for its electric-vehicle unit. <\/p>\n<\/li>\n<li>\n      <strong>Exxon Mobil Corp.<\/strong>\u00a0<br \/>\n        XOM,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/204455864\/composite\" class=\"negative\">-1.91%<\/bg-quote><br \/>\n       saw its shares decline Friday after the oil giant reported third-quarter profit and revenue that missed expectations as production fell, while free cash flow beat by a wide margin.<\/p>\n<\/li>\n<li>\n      <strong>Chevron Corp.\u2019s<\/strong> stock\u00a0<br \/>\n        CVX,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/205871374\/composite\" class=\"negative\">-6.72%<\/bg-quote><br \/>\n       fell after the oil giant posted third-quarter profit that fell far short of estimates.<\/p>\n<\/li>\n<\/ul><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/s-p-500-futures-rise-after-well-received-amazon-and-intel-results-3b4de0e6?mod=markets\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>U.S. stocks capped off a volatile week with more losses on Friday and only the Nasdaq finishing in the green as the S&amp;P 500 index joined the tech-heavy gauge in correction territory. What happened The S&amp;P 500 SPX was down 19.86 points, or 0.5%, to 4,117.37. The Nasdaq Composite COMP gained 47.41 points, or 0.4%, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":77590,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-77589","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Dow closes at lowest since March as S&amp;P 500 joins Nasdaq in correction territory | iFintechWorld<\/title>\n<meta name=\"description\" content=\"U.S. stocks capped off a volatile week with more losses on Friday and only the Nasdaq finishing in the green as the S&amp;P 500 index joined the\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" 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