Another difficult week for U.S. stocks ended with shares of oil producers sliding and Ford Motor Co. tumbling further on concerns over supply shortages. The S&P 500
fell 1.7% on Friday for a one-week decline of 4.6%, as investors continued to fret about the Federal Reserve’s interest-rate increases to temper inflation.
Among components of the benchmark index, all but 17 showed declines for the week. West Texas Intermediate crude oil for November delivery
dropped nearly 6% to settle at $78.74 a barrel on the New York Mercantile Exchange, for a one-week decline of 7.1%. Read: U.S. oil prices drop below $80 a barrel to their lowest finish since January on recession fears “The macro environment is really bad” for oil prices, according to Gabelli analyst Simon Wong. During an interview, Wong said the strong dollar was making oil, which is priced in dollars, more expensive for other countries and hurting demand for crude oil. The energy sector had the worst showing for the bad week, as you can see below. Eight of the 20 stocks in the S&P 500 that fell the most for the week were in the energy sector:
Price change – one week through Sept. 23
Price change – Sept. 23
Price change – 2022
Caesars Entertainment Inc.