Stock market today: Dow slumps nearly 300 points; Fed meeting next
Investing.com — U.S. stocks accelerated their losses, closing lower on Friday after a week of mixed economic data as investors turn their attention to next week's Federal Reserve interest rate decision.
At 16:01 ET (20:01 GMT), the Dow Jones Industrial Average was down 288 points or 0.8% while the S&P 500 was down 1.2% and the NASDAQ Composite was down 1.6%.
The weakness reverses strong gains on Thursday, helped by the positive reaction to the debut of chip designer Arm (NASDAQ:ARM) after its listing.
Arm Holdings stock soared almost 25% above its Nasdaq debut price on Thursday, boding well for other deals already in the pipeline, including the debut of delivery platform Instacart as early as this month. Shares gave back some on Friday, falling 4.5%.
The success of Arm's listing could encourage other companies that have waited out volatile markets to take a dip in the IPO market. About 150 companies are waiting to go public on the Nasdaq, a 40% increase from the same time last year, Reuters reported Friday, citing sources. Instacart filed updated information, including an IPO price range of $28 to $30 share, aiming for a valuation for Instacart of up to $10 billion.
Investors have been digesting mixed economic data as the Federal Reserve heads into its next meeting just days away. The retail sales report on Thursday showed a resilient consumer heading into the holiday shopping season. But inflation was slightly elevated, especially considering higher fuel prices in August. And consumer confidence slipped in early September.
Investors are turning their attention to next week's Fed policy-setting meeting, looking for clues to help clarify the policy path ahead for both Fed officials and markets alike. Futures traders are
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