(MENAFN- ProactiveInvestors - N.America) U.S. stocks were back in negative territory late Friday after swinging between gains and losses for most of the session.
Stocks have been volatile all week, and today was no exception, with the Dow bouncing up 100 points from session lows in the first two hours of trading, only to then fall 100 points. The blue chip index then climbed some, and is back to setting new session lows. Thursday's significant drop for the Dow of 335 points was the third straight day of moves of 200 points or more.
Markets have been dragged down this week by global growth worries, as well as the end of QE by the Fed, and concerns over a surging dollar. All three major indexes are in for some sharp weekly drops.
With about 15 minutes left to the closing bell in New York, the Dow Jones Industrial Average was down 54 points at 16,602, while the Nasdaq fell 84 points to 4,293, weighed down by semiconductor stocks. The S&P 500 shed 14 points to 1,914.
Friday's economic calendar did not have much impact on investors, with September export and import prices released this morning, showing US import prices dropped 0.5% last month, compared to the expected 0.8% decline. The September Treasury Budget statement, which was slated for release at 2:00pm ET, was delayed this afternoon.
In corporate activity, it was a light calendar for earnings today ahead of the season heating up next week. Fastenal (NASDAQ:FAST) was one of the few on this morning's agenda, with shares rising falling more than 4% after reporting results.
Family Dollar (NYSE:FDO) shares edged down after reporting last night lower than expected earnings, though revenue came in slightly higher than expected. The company is in the process of completing a deal to sell to Dollar Tree (NASDAQ:DLTR).
In other news, Microchip Technologies (NASDAQ:MCHP) tumbled over 11% after warning its fiscal second quarter sales will fall short of earlier guidance. The news brought down its peers as well, with Intel (NASDAQ:INTC) falling almost 5% and Micron (NASDAQ:MU) shedding 9%.
Tesla (NADSAQ:TSLA) finally unveiled its "D" product, which is a dual motor high end Model S vehicle. Other new features for the Model S aim to auto-assist drivers. The car, known as the P85D, will have auto pilot software that includes self-parking. The vehicle is planned to start shipping in December. Investors did not seem impressed, with shares down over 8% after the news.
Amazon (NASDAQ:AMZN) is planning to open its first brick-and-mortar store across from the Empire State Building in New York City just in time for this year's holiday shopping season.
Google (NASDAQ:GOOG) is planning to release its largest ever smartphone this month, which is code named Shamu. The new device will have a 5.9 inch screen and be sold under the Nexus brand.
Dave & Buster's (NYSE:PLAY) began trading today after pricing 5.9 million shares at $16 each in its IPO, which is at the low end of its expected range. Shares jumped more than 7% today.
Apple (NASDAQ:AAPL) was in focus as the company is expected to hold an event on Oct. 16 in which it is reportedly hoping to reignite enthusiasm for its line of iPad tablets.
Darden Restaurants (NYSE:DRI) said a preliminary vote at its shareholder meeting has elected all 12 of the directors nominated by activist investor Starboard Value to its board of directors.
World markets followed Wall Street lower, with European stock indexes settling sharply in the red today, led by shares in Germany as the 5.8% plunge in the country's exports in August continues to weigh on markets. Asian stocks also finished broadly lower, with shares in Hong Kong off the most.
In commodities, light, sweet crude futures for delivery in November rose 5 cents, or less than 0.1%, to settle at $85.82 a barrel on the New York Mercantile Exchange, but fell 4.4% for the week, its worst weekly performance since early January. Gold for December fell $3.60 to settle at $1,221.70 an ounce.
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