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Sparked by fallout from earnings reports in the tech sector, Wall Street would turn sharply lower on Friday. The three major indices all retreated on the day to wrap a losing week and close the month mixed.
Earnings reports and spending outlooks in the AI trade sent investors rushing for the exits late in the week. The selloff was deep and wide starting with the Mag7. In this report, the carnage by the numbers.
Fed policymakers, as expected, left rates unchanged at their Wednesday meeting. Officials said more data is needed before they take action, while the Fed chairman made clear the inflation fight won't rest.
The personal consumption expenditures report for September put more pressure on a possible rate hike in December. The pace of inflation edged up again to move further away from the Fed's target level.
New developments in the war with Iran, both in the Middle East and back here at home, continue to come out rapidly. For the latest on the hostilities and efforts to reach a deal, updates can be found here.
The incoming week will feature a mix of politics and earnings. Tuesday's election results will ripple across the markets, as will earnings from Apple and other tech. Also ahead, the latest sentiment survey.
Investment advisory services offered through Integrated Advisors Network LLC, a Registered Investment Advisor