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U.S. stocks fell for a fifth day on Friday, closing on session lows, as producer prices posted their biggest annual increase on record.  

The Dow Jones Industrial Average fell 271 points, or 0.78%, while the S&P 500 index and the Nasdaq Composite index declined 0.77% and 0.88%, respectively. Both the Dow and the S&P 500 extended their losing streaks to five days. 

Ticker Security Last Change Change %
I:DJI DOW JONES AVERAGES 34607.72 -271.66 -0.78%
SP500 S&P 500 4458.58 -34.70 -0.77%
I:COMP NASDAQ COMPOSITE INDEX 15115.494378 -132.76 -0.87%

The selling came as investors digested the producer price index report for August, which showed prices surged 8.3% annually, the most since recordkeeping began in November 2010. Prices were up 0.7% month over month.  

The hotter-than-expected report caused traders to dump U.S. Treasurys, pushing the 10-year note yield up 4 basis points to 1.34%. 

The selling swung the yield curve steeper, which failed to lift bank stocks. JPMorgan Chase & Co., Bank of America Corp., Wells Fargo and Citigroup shares all closed lower. 

Ticker Security Last Change Change %
JPM JPMORGAN CHASE & CO. 157.43 -1.88 -1.18%
BAC BANK OF AMERICA CORP. 40.26 -0.63 -1.54%
C CITIGROUP, INC. 69.57 -0.89 -1.26%
WFC WELLS FARGO & CO. 44.33 -0.03 -0.07%

In addition, Wells Fargo & Co. agreed to pay a $250 million fine tied to its mortgage business. 

Energy-related names, including Chevron Corp., ExxonMobil Corp. and Kinder Morgan Inc., were little changed as West Texas Intermediate crude oil climbed $1.58 to $69.72 a barrel. WTI crude has not closed above $70 since Aug. 3. 

Ticker Security Last Change Change %
CVX CHEVRON CORP. 96.09 0.00 0.00%
XOM EXXON MOBIL CORP. 53.98 -0.11 -0.20%
KMI KINDER MORGAN, INC. 15.97 -0.01 -0.06%

Elsewhere, Moderna Inc. will over the next few weeks seek global approval to give its vaccine to children as young as 5 years old, according to a report from Der Spiegel, citing the firm’s top two executives. Separately CEO Stephane Banel said the company would pursue acquisitions of smaller, privately held companies during remarks at a Morgan Stanley investor conference. 

Ticker Security Last Change Change %
MRNA MODERNA, INC. 449.38 -6.54 -1.43%

In earnings, Kroger Co. said it expects a smaller annual same-store sales decline than previously expected as a resurgence of COVID-19 cases has caused more customers to continue cooking at home.

Ticker Security Last Change Change %
KR THE KROGER CO. 42.67 -3.46 -7.50%

American Outdoors Brand Inc. reported earnings and revenue that exceeded Wall Street estimates and reaffirmed its outlook for the current fiscal year. Both earnings and revenue topped estimates. 

Overseas markets were in rally mode. 


European bourses all gained with Britain’s FTSE 100 rising 0.07% while Germany’s DAX 30 and France’s CAC 40 lost 0.09% and 0.31%, respectively.  

In Asia, Hong Kong’s Hang Seng index surged 1.91%, Japan’s Nikkei 225 advanced 1.25% and China’s Shanghai Composite edged up 0.27%.