EDITOR'S NOTE

The S&P 500 and the Dow Jones Industrial Average traded near the flatline throughout the day to end what was a turbulent trading week for U.S. equities. Both indexes notched gains on Friday, while the Nasdaq Composite ticked down slightly. All three major averages finished higher for the week.

Bitcoin and ether tumbled on news of a ban by China on cryptocurrency activity, this time specifying that services offering trading, order matching, token issuance and derivatives in crypto are prohibited. 

Bitcoin’s dip on Friday wasn’t as big as the one it took earlier in the week, when it fell as low as about $40,000 during the global sell-off in equities, suggesting long-term holders may have built stronger immunity to negative news. Cryptocurrencies’ volatility has also been relatively muted this year.

Nike was a big mover Friday, with shares falling 6.2% after it lowered its fiscal 2022 outlook due to a prolonged production shutdown in Vietnam, labor shortages and lengthy transit times.

Within the S&P 500, those losses were offset by gains in reopening stocks, including cruise lines and air carriers, as well as energy and industrial stocks.

Still, concerns about a slowing economy and continued supply chain constraints are looming. Costco, Nike and FedEx all warned Friday that more inflation is set to hit consumers ahead of the holiday season, as shipping bottlenecks lead to rising freight costs.

Next week is the final week of the third quarter, and stocks could have another bout of volatility to close it out.

TOP NEWS 

TOP VIDEO

CNBC PRO

SPECIAL REPORTS