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US stocks end down for the week after losing session

·1-min read

Wall Street stocks dropped Friday concluding another losing week for equities as markets look ahead to a key Federal Reserve decision amid fading market momentum after recent records.

Stocks have been choppy for most of the week, shrugging off data that showed moderating consumer inflation and better-than-expected retail sales.

"The bull run is getting tired," said FHN Financial's Chris Low, who sees little in the near-term to propel further gains after a string of records this year.

"The economy is slowing down, inflation is running hot and the Fed is very likely to close the spigots," he said.

The Dow Jones Industrial Average shed 0.5 percent to finish the week at 34,584.88.

The broad-based S&P 500 dropped 0.9 percent to close at 4,432.99, while the tech-rich Nasdaq Composite Index lost 0.9 percent at 15,043.97.

All three major indices finished in the red for the second straight week, with the S&P 500 down 0.6 percent after falling 1.7 percent in the prior week.

Stocks have been under pressure for much of September, historically a soft period for the market.

Investors are looking ahead to a Federal Reserve meeting next week. The central bank has signaled it could begin to reduce stimulus later this year by tapering its bond purchases, but some analysts consider an announcement more likely at a future meeting.

Besides the Fed, markets are focused on worries over supply chain problems and ongoing fears of the hit from Covid-19 to the global economy.

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