LEN - Dow Slides Nearly 200 to Close out Volatile Week
Stocks fell Friday as investors wrap up a volatile week ahead of the Federal Reserve's policy meeting.
The 30-stock index skidded 187.27 points to reach noon EDT Friday at 34,719.84.
The S&P 500 index sank 37.65 points to 4,467.45.
The NASDAQ index plunged 181.54 points, or 1.3%, to 13,744.51.
The Dow and the S&P 500 are headed for a winning week, both up slightly. The NASDAQ is on pace to close out the week with losses.
Information technology was the worst-performing sector in the S&P 500, last down more than 1.5%. Adobe shares fell more than 4% even after the software firm posted better-than-expected quarterly results. Shares of Arm Holdings were slightly higher one day after its successful public debut.
Auto stocks Ford Motor, General Motors and Stellantis N.V. were all higher Friday. Thousands of members of the United Auto Workers went on strike after failing to reach a deal with the automakers Thursday night.
Elsewhere, Lennar shares slid more than 3%. The home construction firm posted third-quarter results that beat on the top and bottom lines.
On the economic front, the University of Michigan's consumer sentiment survey showed one-year inflation expectations dropped to 3.1% in September, tied for the lowest since January 2021. Also, the five-year outlook fell to 2.7%, matching its lowest since December 2020.
Stocks are headed for a winning week, with the Dow on pace for a near-1% gain and its second positive week in three. The S&P has progressed 1.1%, and the NASDAQ has jumped about 1.2%, putting them on track for their third positive weeks in four.
Prices for the 10-year Treasury declined, raising yields to 4.33% from Thursday's 4.29%. Treasury prices and yields move in opposite directions.
Oil prices strengthened 38 cents to $90.54 U.S. a barrel.
Gold prices shone brighter $15.80 to $1,948.60 U.S. an ounce.