September is historically the most difficult month of the year for the stock market and this year was no different. Today the S&P 500 lost another 1% bringing the loss for the month to nearly 5%, its worst month since March of 2020.
At the close:
Dow -546 to 33844
S&P 500 -52 to 4307
NASDAQ -64 to 14448
Oil +.26 to 75
Gold +34 to 1755
In corporate news shares of Bed, Bath & Beyond lost 23% of their value today after the company slashed its revenue and earnings outlook citing supply chain challenges and a sharp decline in customer traffic. Kohls dropped 12% after Bank of America double downgraded the shares from buy to underperform. Carmax has had a strong year but lost 12% today after reporting earnings for the most recent quarter 10% below what most were expecting. Virgin Galactic gained 12% after the FDA cleared the company to resume launches after their July 11th incident.
U.S. stocks rose on Friday as better-than-expected third-quarter earnings reports...
Stocks closed up today after a slew of earnings results...
Stocks closed up today as investors digested new earnings data...