The Dow Jones Industrial Average declined for a fifth straight session on Friday as growing economic uncertainty continues to weigh on market sentiment. The S&P 500 and Nasdaq also fell amid the broader market sell off.
For the week, the Dow is down roughly 2.2% for its second negative week in a row, with the S&P 500 closed 1.7% lower and the Nasdaq fell 1.6% lower.
Here's how the market settled to close out the week:
S&P 500 Index (NYSE: SPY): -0.77% or -34.70 points to 4,458.58
Dow Jones Industrial Average (NYSE: DIA): -0.78% or -271.66 points to 34,607.72
Nasdaq Composite Index (NASDAQ: QQQ): -0.87% or -132.76 points to 15,115.49
Court rules Apple can no longer force developers to use in-app purchasing:
Judge Yvonne Gonzalez Rogers handed down a decision on Friday in the closely watched Apple (NASDAQ: APPL) and Epic Games trial, issuing an injunction that said that Apple will no longer be allowed to prohibit developers form providing links or other communications that direct users away from Apple's in-app purchasing.
"The Court concludes that Apple's anti-steering provisions hide critical information from consumers and illegally stifle consumer choice," Rogers wrote in a statement. "When coupled with Apple's incipient antitrust violations, there anti-steering provisions are anticompetitive and a nationwide remedy to eliminate those provisions is warranted."
However, Rogers said that the court cannot conclude that Apple is monopolist under either federal or state antitrust laws.
U.S. producer prices surge in August:
U.S. producer prices soared in August at their highest annual rate since at least 2010 as supply chains remain tight across the market as the coronavirus pandemic continues to stress global trade.
The producer price index (PPI) rose 0.7% last month, according to the Labor Department's latest report published Friday, following two straight monthly increased of 1.0%. On a year-over-year basis, the tate rose 8.3%, which is the biggest annual increase since records have been kept dating back to Nov. 2010.
Excluding food, energy and trade services, final prices increased 0.3% for the month. Moreover, core PP! was up 6.3% from a year ago, which was also the largest increase for data going back to Aug. 2014.
Here's how benchmarks started trading soon after opening bell:
S&P 500 Index: +0.59% or +26.37 points to 4,519.65
Dow Jones Industrial Average: +0.62% or +216.62 points to 35,096.00
Nasdaq Composite Index: +0.63% or +96.76 points to 15,345.02