New YorkCNN Business —
September was a horrible month for stocks. The Dow fell nearly 9%, its worst monthly drop since March 2020, when pandemic lockdowns started in the United States. The index ended Friday deeply in the red, too.
The Dow, a widely watched barometer of America’s stock market that includes corporate giants such as Apple (AAPL), Coca-Cola (KO), Disney (DIS), Microsoft (MSFT) and Walmart (WMT), was down about 500 points, or 1.7%. All 30 Dow stocks ended the day lower.
Worries about rising inventory levels at Dow component Nike (NKE) pushed the blue chips lower Friday. Shares of Nike (NKE) plunged 13% as investors worried about how it will need to heavily discount sneakers and other athletic apparel.
The Dow fell more than 5% in the third quarter and is now down about 20% this year, putting it in a bear market. The Dow is trading near its lowest levels since November 2020.
The S&P 500, which fell 1.5% Friday, is down nearly 9% in September and has fallen nearly 24% in 2022. That puts the index on track for its worst annual drop since 2008. The tech-heavy Nasdaq Composite also dropped 1.5% Friday and it has plunged almost 10% this month. It is down more than 30% this year.