U.S. stocks sputtered Friday to close out the week in the red. The day’s declines of less than 1% for the broad indexes paled against Tuesday’s, when they sank 4% to 5%.
For the week, the Dow Jones Industrial Average
was down 1,329 points (or 4.1%), closing Friday at 30,822. The benchmark S&P 500
pulled back 4.8% for the week, while the Nasdaq Composite Index
gave up 5.5%.
Investors have been jittery, reacting to any sign of continuing consumer price increases or economic strength heading into the Federal Open Market Committee’s meeting on Sept. 20-21. The FOMC will make a policy announcement on Wednesday, Sept. 21, followed by Federal Reserve Chairman Jerome Powell’s press conference.
See MarketWatch’s Weekend Reads for a preview of what to expect from the Federal Reserve.
Read: The next financial crisis may already be brewing — but not where investors might expect
Among the S&P 500, 95% of stocks ended the week with declines. On Friday, the highest-profile loser was FedEx Corp., whose shares FDX dropped 21% for the session after the company issued a profit warning, citing weakening business conditions.
Reaction to FedEx:
The week’s worst decliners among the S&P 500
Here’s how the 11 sectors of the S&P 500 fared for the week, sorted by how much they declined:
Price change – 1 week
Price change – 2022