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Sept. 10, 2021, 4:48 p.m. EDT

U.S. stocks close lower, as Dow, S&P 500 and Nasdaq book weekly losses

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By Christine Idzelis and Mark DeCambre

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“We are still seeing inflationary pressures,” said Lauren Goodwin, economist and portfolio strategist at New York Life Investments, in an interview Friday. She said the PPI data is more evidence in favor of a strategy that buys stocks of companies that can pass higher costs to their customers.

“The extent that we see flow through to the consumer remains to be seen, but this is another shot to the transitory narrative that has been the dominant reason to continue emergency fed policy,” wrote Sean Bandazian, investment analyst for Cornerstone Wealth, in emailed remarks on Friday.

A number of Fed officials have described inflation as short-lived and economists are starting to talk about prices peaking in the wholesale sector. But producers are still struggling with shortages, bottlenecks and transportation woes.

Joe LaVorgna, chief economist of the Americas at Natixis, also noted that inflation has the potential to be a much longer-term concern that has negative implications for financial markets.

“With the economy already having recouped the entire amount of its pandemic-related losses and the labor market experiencing record demand for workers, the potential for a permanent regime shift in inflation is high,” the economist wrote in a Friday research note along with colleague Troy Ludtka.

Goodwin told MarketWatch that she remains “fairly constructive” on markets as the economic recovery moves “mid-cycle” with the delta variant “slowing but not derailing” growth. But she said “our conversations with clients and investors point to high and really growing anxiety” over the paths ahead for the economy and markets.

Which companies were in focus?

  • Shares of Echo Global Logistics Inc.  ECHO  rocketed 52% higher Frida y, after the transportation and supply chain company announced an agreement to be acquired by private-equity firm The Jordan Company LP in a deal valued at $1.3 billion. 

  • Kroger CoKR reported second-quarter net income totaling $467 million, or 61 cents per share, down from $819 million, or $1.03 per share last year. Its stock dropped 7.5%.

  • Wells Fargo Corp. shares /zigman2/quotes/203790192/composite WFC -5.61% dipped about 0.1% on Friday despite a $250 million civil penalty from the Office of the Comptroller of the Currency for not meeting requirements of its 2018 action against the bank.

  • Shares of Bumble Inc.   BMBL rose 4.5% after the dating app said the size of the previously announced stock offering increased by 20%, and announced the pricing of the offering at $54.00 a share.

  • Vista Outdoor IncVSTO announced Friday an agreement to buy San Diego-based golf performance analysis and game enhancement company Foresight Sports for $474 million. Vista’s stock increased 2.9%.

  • Children’s clothing brand OshKosh B’Gosh has joined with lifestyle brand Kith for a 28-piece capsule collection that will be available on Friday at all Kith stores, the Kidset website and Kith’s European e-commerce site. OshKosh B’Gosh, a 126 year-old brand, is part of the Carter’s Inc.   CRI portfolio. Carter’s stock rose 1.6%.

  • Shares of Apple Inc . /zigman2/quotes/202934861/composite AAPL -3.17% fell 3.3%, after a federal judge in the Epic Games Inc. case ordered an injunction that would allow developers to provide in-app purchases on the App Store, effectively bypassing commission fees of 15% to 30%. However, it was not ruled an antitrust monopolist.

How did other assets trade?

  • The 10-year Treasury note  /zigman2/quotes/211347051/realtime BX:TMUBMUSD10Y +3.12%  rose 4 basis points to 1.34%. Yields and debt prices move in opposite directions.

  • The dollar rose about 0.2% Friday, as measured by the ICE U.S. Dollar Index  /zigman2/quotes/210598269/delayed DXY +0.26% . The gauge climbed 0.6% for the week.

  • Gold futures fell, with the December contract  /zigman2/quotes/210034565/delayed GC00 +0.48% settling 0.4% lower at $1,792.10 an ounce for a weekly loss of 2.3%.

  • Oil futures  /zigman2/quotes/209723049/delayed CL00 +5.03% rose, with West Texas Intermediate crude settling 2.3% higher at $69.72 a barrel for a weekly climb of 0.6%.

  • The Hang Seng  /zigman2/quotes/210598030/delayed HK:HSI -0.95% closed 1.9% higher and notched a weekly gain of 1.2%. Elsewhere in Asia, the Shanghai Composite  /zigman2/quotes/210598127/delayed CN:SHCOMP -0.04% ended up 0.3% and notched a weekly advance of 3.4%, while Japan’s Nikkei 225  NIK  advanced 1.3% on Friday, contributing to a weekly gain of 4.3%, putting the index on track for its best monthly gain, 8.2%, since November of 2020 when it surged 15%.

  • European equities were mixed, with the Stoxx Europe 600  /zigman2/quotes/210599654/delayed XX:SXXP +0.95% closing 0.3% lower and the commodity-heavy FTSE 100  /zigman2/quotes/210598409/delayed UK:UKX +0.84% gaining less than 0.1%. For the week, the Stoxx was down 1.2%, while the FTSE 100 booked a 1.5% weekly slide.

—Barbara Kollmeyer contributed to this report

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