The Dow Jones Industrial Average ended a tough month on a low note, retreating by 156 points or 0.5%. Major contributors to the decline were Travelers Companies and Walmart. Meanwhile, Nike shares rallied over 6% after reporting better-than-expected earnings in its fiscal first-quarter. The apparel giant surpassed analyst expectations, boosting investor confidence.
Traders reacted positively to data suggesting easing inflation, with the Dow and S&P 500 initially moving higher. The Personal Consumption Expenditures (PCE) price index showed a core PCE rise of 0.1% in August and 3.9% annually. Wall Street remains hopeful that the Federal Reserve will not aggressively tighten monetary policy.
Taking a broader look at the market, the Dow and S&P 500 are on track for weekly declines of 1.2% and 0.6% respectively, while the Nasdaq Composite is set to finish the week with a 0.3% gain. The S&P 500 is expected to close the month down 4.7% and the quarter down 3.4%. Similarly, the Nasdaq Composite is down 5.6% in September and 4% for the quarter. The Dow is projected to decline by 3.3% for the month and 2.5% for the quarter.
Amidst these market worries, investors are expressing concerns about the economic outlook. Over a short period of time, stocks have declined significantly, raising uncertainty among market participants. The worry closet door is wide open as questions about potential government shutdown loom.
Adding to the uncertainty, House Speaker Kevin McCarthy has criticized the Senate’s short-term funding bill, further intensifying concerns about a potential government shutdown. With these lingering concerns, investors are waiting on the edge, closely watching the developments in the stock market and the overall economic landscape.
By organizing the content into key points, this news article provides a clear and concise overview of the latest developments in the stock market. This approach helps readers understand the main events and trends without getting overwhelmed by excessive details.
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