Stocks Stage Small Comeback

Stocks were choppy Friday as traders looked to close out a terrible week that brought the S&P 500 to a new 2022 low.

The Dow Jones Industrials reversed course and gained 113.52 points to break for lunch at 29,339.13.

The S&P 500 jumped 29.23 points to 3,669.70,

The NASDAQ Composite spiked 135.63 points, or 1.3%, to 10,873.14.

An inflation report closely watched by the Federal Reserve released Friday showed that prices continued to increase at a rapid pace.

Nike shares fell sharply in its worst day since 2001 after the company reported that sales increased, but supply chain and inventory issues hampered the bottom line in its fiscal first quarter. The stock was last down 13%.

Those losses put the major averages on pace for sharp weekly losses. The S&P 500 is off 1% for the week. The Dow is down 1.1% and the NASDAQ is 0.2% lower.

Friday also marked the last day of the month and the third quarter. For September, the S&P 500 and Dow are down more than 7% each through Thursday’s close. That would be the worst monthly performance for the Dow since March 2020 and the biggest one-month decline for the S&P 500 since June. The NASDAQ is headed for its biggest monthly loss since April, losing 9.1%.

Quarter to date, the S&P 500 and NASDAQ are headed for their first three-quarter losing streak since 2009, losing 4% and 2.7%, respectively. The Dow is down 5.4% in the third quarter and is on pace to post a third-straight losing quarter for the first time since 2015.

Treasury prices moved forward, lowering yields to 3.74% from Thursday’s 3.77%. Treasury prices and yields move in opposite direction.

Oil prices lost 81 cents to $80.42 U.S. a barrel.

Gold prices jumped $13.80 to $1,682.40 U.S. an ounce.