U.S. Stocks Close Lower, S&P 500 and Nasdaq Composite in Correction Territory
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The U.S. stock market experienced a challenging week as the S&P 500 and Nasdaq Composite entered correction territory. On Friday, the Dow Jones Industrial Average lost approximately 366 points, concluding the day down 1.1% near 32,417, according to preliminary FactSet data.
The S&P 500 index declined by 0.5%, finishing around 4,117. This level marks a market correction, as it is at least 10% below its previous peak in July, according to Dow Jones Market Data.
Meanwhile, the Nasdaq Composite Index observed a 0.4% increase but recorded its third consecutive weekly decline. It suffered a loss of 2.6% for the week. Similarly, the S&P 500 experienced a 2.5% decrease, while the Dow fell by 2.1% since Monday.
Rising long-dated Treasury yields have significantly impacted stocks. The 10-year Treasury yield eased back to about 4.846% on Friday after briefly reaching a high of 5% in recent sessions. This volatility has put additional pressure on the market.
Next week, all eyes will be on the U.S. Treasury's release of its expected $1.5 trillion borrowing needs as well as the Federal Reserve's decision on interest rates scheduled for Wednesday. These developments have the potential to influence the direction of the market going forward.
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