U.S. stocks faced ongoing challenges on Friday, with a notable exception for the Nasdaq Composite which remained in positive territory. The S&P 500, currently trading at 4,118, experienced a 0.5% decline, positioning it to finish the week in correction territory, according to Dow Jones Market Data.
When stocks have fallen more than 10% from a recent high, it is generally considered a correction. The S&P 500 is currently down 10.2% from its closing high of 4,588.96 on July 31. On the other hand, the Nasdaq traded 37 points or 0.3% higher at 12,634, while the Dow Jones Industrial Average was down 369 points or 1.2% at 32,406, reaching session lows.
The three major U.S. equity indexes are expected to record a weekly loss, marking the sixth in eight weeks, as indicated by FactSet data. Both the S&P 500 and Nasdaq are on track for their worst October performance since 2018, with respective diminished returns of 3.9% and 4.3% month-to-date. Tuesday will bring an end to trading for October, which further highlights the severity of the situation.
Meanwhile, the Dow Jones Industrial Average is predicted to have its worst October since 2020 according to Dow Jones data.