Listless Wall Street Has a Losing Week

Markets saw modest gains on Friday
By Newser Editors and Wire Services
Posted Sep 8, 2023 3:15 PM CDT
Listless Wall Street Has a Losing Week
Traders work on the New York Stock Exchange floor in New York City on Tuesday, Sept. 5, 2023.   (AP Photo/Ted Shaffrey)

Stocks ended Friday with modest gains, but the benchmark S&P 500 posted its first losing week in the last three:

  • The S&P 500 rose 6 points on Friday to 4,457.
  • The Dow rose 75 points to 34,576.
  • The Nasdaq rose 12 points to 13,761.
  • For the week, the S&P and the Dow were down about 1% or more, while the Nasdaq fell about 2%, per CNBC.

Companies are largely finished with reporting their earnings for the spring, but a few on Friday were making some of the largest moves, per the AP. Smith & Wesson Brands jumped 11.9% after the gun maker reported stronger results for the three months through July than analysts expected. Kroger was 4.3% higher after swinging between gains and losses following its earnings report. The grocer's results for the latest quarter topped analysts' expectations, but its revenue fell short of expectations. The company announced with Albertsons an agreement to sell some stores, private-label brands, and other assets as they try to get approval for a proposed merger. Kroger also announced an agreement under which it would pay more than $1.2 billion to settle the majority of claims related to opioids.

The upcoming week could be a busier one for markets globally. The centerpiece is likely the latest monthly update on inflation in the US, due on Wednesday. Economists expect it to show prices at the consumer level were 3.6% higher in August than a year earlier. Inflation has been generally coming down since peaking above 9% last summer, but the worry is the last bit of improvement to get to the Fed's 2% target may prove the most difficult. That's why strong economic reports recently have unsettled the market. They could be providing fuel for US households to keep spending, which encourages companies to try to push prices up further.

(More stock market stories.)

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