Wall Street was largely dominated by oil on Friday, closing out a week characterized by multi-day downturns in the broader indexes and significant movements in oil prices. The Federal Reserve's decision to keep interest rates unchanged earlier in the week had resulted in a muted stock performance on Monday and sparked a multi-day downturn beginning Tuesday due to fatigue related to the decision.
The Nasdaq Composite (NASDAQ:IXIC), Dow Jones Industrial Average (DJI), and S&P 500 Index (SPX) all experienced a third day of losses on Thursday as Treasury yields increased. All three major benchmarks are on track for weekly losses and facing their worst weeks in over a month.
Oil prices drew significant attention throughout the week, with a surge to 10-month highs on Monday due to supply concerns from Saudi Arabia and Russia. There was also an indication of a historic "buy" signal for Northern Oil & Gas (NYSE:NOG), suggesting the security could be moving closer to its 2023 highs.
In other market movements, several analysts adjusted their positions during the week. J.P. Morgan Securities downgraded Dollar General (NYSE:NYSE: DG ) to "market perform," while Evercore downgraded two major farming industry companies. On the positive side, Barclays (LON: BARC ) initiated coverage of Super Micro Computer (NASDAQ:NASDAQ: SMCI ) with an "overweight" rating. A banking giant received an upgrade to "outperform" from "neutral" by Exane BNP Paribas (OTC: BNPQY ). Dell Technologies (NYSE: DELL ) also saw an uptick following an upgrade to "outperform" from "market perform" by Daiwa Capital Markets due to potential artificial intelligence (AI) tailwinds.
Key inflation indicators and retail data are anticipated as September concludes. While the earnings schedule remains subdued, notable reports are expected from Accenture (NYSE:NYSE: ACN ), CarMax (NYSE:NYSE: KMX ), Carnival (NYSE:NYSE: CCL ), Cintas (NASDAQ:NASDAQ: CTAS ), Costco (NASDAQ:NASDAQ: COST ), Micron Technology (NASDAQ:NASDAQ: MU ), and Nike (NYSE:NYSE: NKE ).
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