The major averages opened higher but slid into the red once again ending another down week led by hawkish comments from the Federal Reserve regarding interest rates. The Dow Jones Industrial Average opened higher, but then finished down 106 points led by weakness in Boeing, American Express and Intel. The broader market index dropped 9 points while the Nasdaq Composite fell 12 points.
The S&P 500 and the technology-heavy Nasdaq Composite dropped 2.9% and 3.6% for the week, marking the worst weekly performance since March for each. The blue-chip Dow slid 1.9% on the week.
Bond yields surged this week after the central bank forecasted at least one more rate hike for 2023. The benchmark 10-year Treasury yield popped to its highest level since 2007 this week. The 2-year rate touched its highest level since 2006.
If higher interest rates are not enough, Investors are also concerned about a government shutdown, which could dent consumer confidence and slow down the economy further. House Republican leaders sent the chamber into recess on Thursday.
In corporate news, Ford rose as a CNBC source said the auto giant was reportedly making progress in negotiations with the striking United Auto Workers union. Apple closed higher as their new iPhone 15 went on sale today. McDonald's was modestly higher due to plans to up franchise royalty fees across its U.S. restaurants from 4% to 5% for operators opening new locations, according to CNBC.
Activision Blizzard rose on news the UK CMA said it may approve the updated Microsoft and Activision Blizzard merger.
HighPeak Energy jumped 6% thanks to insider buying from their CEO who bought 500000 shares at $16.55-16.59 worth around $8.284 million.
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