The major stock market indexes held onto afternoon losses, with the indexes closing near the lows of the day. The Dow Jones Industrial Average had only three stocks close in the green, after an ugly session to end the week.
The S&P 500 lost 2.3% and the Russell 2000 small-cap index shed 2.6%. The Dow Jones Industrial Average held up the best, down 1.3%. The Nasdaq composite fared the worst, down 3.1%. The Dow was the only major index that ended the week positive.
The tech-heavy Nasdaq 100-tracking Invesco QQQ Trust ETF shed 3%.
Volume on the NYSE and the Nasdaq was lower compared with the same time on Thursday.
Crude oil dropped 3.7% to $85.85 per barrel. The SPDR Select Energy ETF fell 3.7%. The 10-year Treasury note yield rose to 4.02%, up 8 basis points. Bitcoin edged down 1.1%, down to $19,150.
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European markets lost ground, with the German DAX stock index down 0.7%, Paris CAC 40 off 0.9% and London FTSE 100 0.1% to finish the final session of the week.
September retail sales on a month-over-month basis were flat vs. the 0.2% increase consensus forecast. Excluding vehicles, the sales number grew 0.1% vs. an expected 0.1% decline, while the number excluding vehicles and gas rose 0.3% vs. the projected 0.4%.
The September University of Michigan Consumer Sentiment Index came in at 59.8 vs. the 58.8 consensus estimate.
Insurance, Health Stocks Break Out Then Give Back
A few stocks attempted to break out past buy points, but were turned back.
Property and casualty insurance provider W.R. Berkley broke out of an undefined consolidation pattern, hitting the 72.41 buy point, then retreated below the entry. The relative strength line hit a new high on the MarketSmith chart.
Molina Healthcare tried to break out of a flat base, briefly hitting the 351.35 buy point. But then it reversed lower 1.5%. Volume was weak, also.
Principal Financial Group broke out of a double-bottom base, hitting its 79.90 buy point on the chart, then pulled back 2.8%.
Stock Market Moves: Investors Not Keen On Grocery Deal
Kroger was down 7.3% on news it will buy Albertsons for $24.6 billion, one of the biggest grocery deals in U.S. history. The deal could face regulatory scrutiny. Kroger has the largest market cap in the group, while Albertsons has the second largest.
Albertsons was down 8.3%, after yesterday's 11.5% surge, on the news. ACI said it will pay a special cash dividend of $6.85 per share to shareholders of record as of the close on Oct. 24. ACI Shares are finding resistance at its 200-day moving average. Albertsons is ranked 6th and Kroger is ranked 9th in the Retail Super & Mini Markets industry group. The group is ranked a strong 16th out of the 197 industry groups IBD tracks.
New Rally Attempt Already Struggling; Netflix, Tesla Earnings Ahead
Stock Market Today: Health Stock Beats On Earnings
Dow Jones stock UnitedHealth Group rose 0.6% after the company reported a beat on adjusted EPS and sales. Management raised its full year adjusted EPS guidance from the latest July projection.
UNH shares are in a flat base with a buy point of 553.23. The relative strength line is at a new high as indicated by the blue dot on the weekly MarketSmith chart.
IBD 50: Natural Gas Producer Tanks, Drug Stock Soars
The Innovator IBD 50 ETF dropped 3.9%, lagging the major stock market indexes. The index has given up all of Thursday's 2.5% rally, and more.
Drugmaker Harmony Biosciences popped 7.2% and is in a choppy consolidation with a 57.23 buy point. Shares rose after Jefferies upgraded the stock to buy from hold, and raised its price target to 61. The stock has an 89 Relative Strength Rating, out of 99, and is gaining attention.
Darling Ingredients hit the 80.15 buy point in a cup with handle, but has pulled back 5.4% in another faint breakout attempt. Shares are finding support at it 50-day moving average.
Natural gas producer Comstock Resources plunged 8.8% as natural gas prices dropped.
Petroleum refiner Delek U.S. plummeted 7.5% after RBC cut its price target on the stock to 31 from 34, but held its sector perform rating. Shares are trading below the 21-day exponential moving average and 50-day line.
