The Dow Jones Industrial Average closed at 26,501.60 on Friday with a loss of 157.51 points or -0.59%. The S&P 500 closed at 3,269.96 for a loss of 40.15 points or -1.21%. The Nasdaq Composite closed at 10,911.59 for a loss of 274.00 points or -2.45%. The VIX Volatility Index was higher at 38.22 with a gain of 0.63 points or 1.68%.
For the week, the S&P 500 was down 5.6%, the Dow Jones was down 6.5% and the Nasdaq was down 5.5%. For the month, the S&P 500 was down 2.8%, the Dow Jones was down 4.6% and the Nasdaq was down 2.3%. For the year, the S&P 500 is up 1.21%, the Nasdaq is up 21.6% and the Dow Jones is down 6.59%.
Friday's market movers
The major U.S. indexes were down heavily in the last week of October and posted losses for the month. A second coronavirus wave and no new government stimulus were key detractors. Earnings continued to roll in, with over one-third of the S&P 500 reporting this week. Friday's earnings calendar included:
- MoneyGram (MGI, Financial): Revenue of $323.2 million increased 0.3% year over year. Third-quarter GAAP earnings per share were 12 cents and non-GAAP earnings were 16 cents.
- Chevron (CVX, Financial): Revenue of $24.45 billion decreased 32.3% year over year and missed estimates by $1.89 billion. A third-quarter GAAP loss of 12 cents per share beat estimates by 25 cents and non-GAAP earnings of 11 cents beat estimates by 38 cents.
- Exxon (XOM, Financial): Revenue of $46.2 billion decreased 29.0% year over year and missed estimates by $2.16 billion. A third-quarter GAAP loss of 15 cents per share beat estimates by 11 cents and a non-GAAP loss of 18 cents beat estimates by 6 cents.
Economic reports affecting market trading included the following:
- Personal income increased 0.9% in September following a decrease of 2.5%. Personal spending increased 1.4% following an increase of 1%.
- The PCE Price Index increased 1.4% year over year.
- The Core PCE Price Index excluding food and energy increased 1.5% year over year.
- The Chicago PMI decreased to 61.1 from 62.4.
- The Michigan Consumer Sentiment Index increased to 81.8 in October from 80.4.
- The Baker Hughes weekly oil rig count showed nine new rigs in the U.S., three new rigs in Canada and a decrease of 45 rigs internationally.
Across the board Friday:
- Energy led gains and technology led losses.
- Acadia Healthcare Co. (ACHC, Financial) +23.02%
- Twitter (TWTR, Financial) -21.14%
- Alphabet (GOOGL, Financial) +3.80%
- Facebook (FB, Financial) -6.31%
Small-cap stocks
In small caps, the Russell 2000 closed at 1,538.48 for a loss of 23.10 points or -1.48%. The S&P 600 closed at 876.59 for a loss of 12.07 points or -1.36%. The Dow Jones U.S. Small-Cap Growth Index closed at 10,805.39 for a loss of 194.42 points or -1.77%. The Dow Jones U.S. Small-Cap Value Index closed at 7,048.73 for a loss of 31.00 points or -0.44%.
Other notable indexes
Other notable index closes included the S&P 400 Mid-Cap Index at 1,900.18 for a loss of 15.26 points or -0.80%; the S&P 100 at 1,507.65 for a loss of 22.63 points or -1.48%; the Nasdaq 100 at 11,052.94 for a loss of 297.80 points or -2.62%; the Russell 3000 at 1,923.70 for a loss of 26.43 points or -1.36%; the Russell 1000 at 1,825.67 for a loss of 24.94 points or -1.35%; the Wilshire 5000 at 33,579.41 for a loss of 459.60 points or -1.35%; and the Dow Jones U.S. Select Dividend Index at 593.08 for a loss of 0.26 points or -0.044%.
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