UNITED STATES NEWS

Stock market today: Wall Street poised to close short week with more losses

Sep 7, 2023, 11:59 PM | Updated: Sep 8, 2023, 5:58 am

Wall Street inched lower before the market open Friday, threatening to cap a holiday-shortened week with its fourth straight loss.

Futures for the S&P 500 and the Dow Jones industrials each ticked down about 0.2% before the bell.

With earnings season mostly winding down and few major government economic reports, stocks have wobbled this week and all the major indices are on track to close the week down after recovering late in August from a three-week swoon.

Technology stocks have taken the brunt of the beating this week, led by Apple, which has tumbled 5% since reports that China was banning state employees from using iPhones. On top of investor concerns about that ban in a key market, Apple’s product launch next week could be overshadowed by the release of slick new phones by Chinese rival Huawei.

Apple’s slide has helped dragged the Nasdaq down about 2% this week. The S&P is down 1.4% heading into Friday’s open and the less-tech influenced Dow is down 1% so far this week.

Early movers Friday include gun manufacturer Smith & Wesson, which is up 14% after it posted sales and profit that beat Wall Street forecasts.

Supermarket chain Kroger fell more than 3% after its second-quarter sales fell short of analyst targets.

Elsewhere, at midday in Europe, Germany’s DAX shed 0.5%, the CAC 40 in Paris fell 0.5% and Britain’s FTSE 100 declined 0.4%.

Japan, the world’s third largest economy, grew at a 4.8% annual pace in the April-June quarter, below the earlier estimate of 6% growth, according to data released Friday.

Much of that growth was driven by exports, which rose nearly 13%, while private consumption fell 2.2% on weak investment spending. A separate report showed that wages declined in July for the 16th straight month, falling 2.5% from a year earlier.

Tokyo’s Nikkei 225 index dropped 1.2% to 32,606.84, while the Kospi in Seoul lost less than 1 point, to 2,547.68.

Hong Kong’s markets were closed due to a tropical storm.

The Shanghai Composite index shed 0.2% to 3,116.72, while the S&P/ASX 200 fell 0.2% to 7,156.70.

In other trading Friday, U.S. benchmark crude oil added 71 cents to $87.58 a barrel in electronic trading on the New York Mercantile Exchange. It gained 67 cents on Thursday.

Energy companies have broadly risen this week despite broader market declines, as crude oil prices continue to climb amid expectations that production cutbacks announced earlier this summer will be extended into fall.

Brent crude, the pricing basis for international trading, rose 73 cents to $90.65 a barrel.

The dollar rose to 147.42 Japanese yen from 147.30 late Thursday.

The euro was trading at $1.0704, up from $1.0697.

——

United States News

Associated Press

3 Columbia University administrators put on leave over alleged text exchange at antisemitism panel

NEW YORK (AP) — Columbia University said it has placed three administrators on leave while it investigates allegations that they exchanged unprofessional text messages while attending a panel discussion about antisemitism on campus. The university said the administrators work for its undergraduate Columbia College, which hosted the panel discussion “Jewish Life on Campus: Past, Present […]

3 hours ago

Associated Press

Man charged in shooting that critically wounded Philadelphia officer, police say

PHILADELPHIA (AP) — A 36-year-old Philadelphia man was charged Sunday with attempted murder in connection with a shooting that critically wounded a police officer after a traffic stop, police said. Ramon Rodriguez Vazquez also faces charges that include aggravated assault and home invasion, police said. The 31-year-old officer and his partner stopped a car carrying […]

4 hours ago

Associated Press

California boy, 4, who disappeared from campground found safe after 22 hours alone in wilderness

FRESNO, Calif. (AP) — A 4-year-old California boy who wandered away from a campground in the Sierra National Forest was found safe after spending 22 hours alone in the wilderness, authorities said. A search-and-rescue team of about 50 officers and volunteers set out around 11 a.m. Thursday after the child was reported missing from the […]

6 hours ago

Associated Press

One man died and five others were hospitalized in downtown St. Louis shooting

ST. LOUIS (AP) — One man is dead and five others have been wounded in a downtown St. Louis shooting, police said. Police believe women were fighting in a park when men interfered and drew firearms, according to social media posts from the agency. The man who died was in his mid-twenties, police said. Five […]

6 hours ago

Associated Press

Michigan sheriff’s deputy fatally shot pursuing a stolen vehicle in Detroit

DETROIT (AP) — A Michigan county sheriff’s deputy was fatally shot while pursing a suspected stolen vehicle in Detroit, the Oakland County sheriff’s office said Sunday. Bradley J. Reckling, who was on duty in an unmarked car, was following a 2022 Chevy Equinox Saturday evening after the vehicle was reported stolen earlier in the day […]

7 hours ago

Associated Press

Authorities search in rural Colorado for suspect in shooting that left 1 dead, 2 injured

ALAMOSA, Colorado (AP) — Officers went door to door in a rural area of southern Colorado on Sunday as aircraft searched overhead for a man suspected of shooting three people, killing one, and then fleeing on foot into farmland after a failed carjacking. Suspect Henry Corral, 44, should be considered armed and dangerous, said police […]

7 hours ago

Sponsored Articles

...

Midwestern University

Midwestern University Clinic visits boost student training & community health

Going to a Midwestern University Clinic can help make you feel good in more ways than one.

...

Sanderson Ford

3 new rides for 3 new road trips in Arizona

It's time for the Sanderson Ford Memorial Day sale with the Mighty Fine 69 Anniversary, as Sanderson Ford turned 69 years old in May.

...

Condor Airlines

Condor Airlines can get you smoothly from Phoenix to Frankfurt on new A330-900neo airplane

Adventure Awaits! And there's no better way to experience the vacation of your dreams than traveling with Condor Airlines.

Stock market today: Wall Street poised to close short week with more losses