Dow drops more than 350 points to end brutal week, S&P 500 closes in correction territory: Live updates

The Dow Jones Industrial Average slipped more than 350 points on Friday, capping off a sour week that also saw the S&P 500 enter correction territory.

The 30-stock Dow slumped 366.71 points, or 1.1%, to close at 32,417.59. The S&P 500 fell 0.48% to finish the session at 4,117.37 while the Nasdaq Composite clung on to a 0.38% gain to 12,643.01.

— Brian Evans

Analysts are pointing to Dexcom's latest results as proof that new weight loss drugs like Novo Nordisk's Wegovy won't be the death knell for medtech stocks. Dexcom shares are up nearly 13% in midday trading after the maker of continous glucose monitors significantly raised its annual forecast.

"We think this great quarter was the sign that investors were waiting for to reenter shares, and at current levels would be buyers," JPMorgan analyst Robbie Marcus wrote in a reserach note. Marcus bumped up his price target by $5 to $125.

As CNBC Pro has reported, Marcus has been making the case that GLP-1 utilization can actually boost demand for continous glucose monitoring, which has become the "gold standard" diabetic patients. And, he has said, for those who are trying to lose weight, it can provide information that is helpful with diet changes.

Other diabetes device makers saw their shares spike at the open, but the stocks are still positive but off of their highs. Tandem Diabetes Care and Insulet were both recently more than 1%.

It's likely to remain a tough road for these stocks, however. Several analysts said the earnings reinforced the bullish case for Dexcom, but they still expect multiple contraction for the sector and actually brought their price targets down.

—‎Christina Cheddar Berk‏

Bitcoin is on pace to post its best week since June, after a big rally earlier this week pushed it out of the narrow range it had been stuck in for much of this year.

The coin is on pace to end the week higher by 14% at the $33,000 level, according to Coin Metrics. At about $1,770, ether is heading for a 10% weekly gain. Coin Metrics measures a week in crypto, which trades 24 hours a day, from the 4:00 p.m. ET stock market close one Friday to the next.

Investors are watching closely to see if bitcoin can find a new floor at current levels. Next week it will get its first testing ground with the Federal Reserve Open Market Committee meeting, which will begin Tuesday. Callie Cox, an analyst at investment company eToro, noted that bitcoin tends to do better than stocks on Fed days, having outperformed the S&P 500 on 10 out of the last 13.

"Next week could be a real test for crypto," she said. "Industry news is exciting, but I worry that investors are forgetting that we're in an aggressively high rate environment. The Fed will probably reaffirm higher rates in its comments next week too. That could be a tough pill to swallow."

"I wouldn't be shocked if Powell entertains the idea of rate cuts," she added. "Inflation has made a lot of progress, and lately, his language has been more balanced than usual. Powell could be tough, but any semblance of flexibility could entice people back into risky investments like crypto."

— Tanaya Macheel

Vanguard CEO Tim Buckley told CNBC on Friday that the massive asset manager will not be pursuing a bitcoin ETF like some of its competitors, including Blackrock.

"Just like we don't use gold as an asset class for our clients. It's not that people can't invest in there. We look at asset classes as what belongs in a long-term portfolio, what has intrinsic values, what has cash flows to it. And those are the asset classes we steer people towards," Buckley said.

The Vanguard CEO also said that investors should stick with their long-term investment plans instead of shifting heavily into cash of short-term bonds for high yields.

"The fundamentals of investing have not changed. Bonds are great for ballast ... but you need the equities for growth," Buckley said.

— Jesse Pound

Nearly 40% of companies in the U.S. and Europe have posted their quarterly earnings thus far. Among those who have reported their results, U.S. companies are faring better than their European counterparts, according to JPMorgan.

In the S&P 500, 78% of companies who reported their earnings have beat earnings estimates and posted 12% year-over-year earnings growth. By comparison, just 57% of the Stoxx600 companies that have reported so far have topped earnings estimates. Third-quarter earnings have fallen 8% from the prior year. The bulk of the earnings weakness in Europe has been driven by the commodities sector, says JPMorgan.

"While it is still early in the season, we note that so far European top-line delivery is exceptionally weak," equity strategist Mislav Matejka wrote in a Friday note.

— Hakyung Kim

The S&P 500 joined the Nasdaq Composite in correction territory on Friday after falling more than 10% from its July high close. It dropped to a new five-month low.

The broader index last traded at 4,118.57 during intraday trading, roughly 10% off the prior closing high of 4,588.96. The major average was last down by 0.5%.

— Sarah Min

The energy and communication services sectors of the S&P 500 are on pace to end this week down more than 6% each.

Both are leading the 11 sectors down, while the broad index is on track to finish the week just 2.5% lower. With a gain of more than 1%, utilities is the only sector poised to finish the week higher.

Charter and Alphabet were the worst performers in the communication services sector with drops of more than 10% each. The slides came as investors parsed earnings reports from a smattering of well-known technology names over the course of the week.

Chevron and Hess also fell more than 10% each, leading the energy sector lower. Notably, Chevron reported weak third-quarter profit figures on Friday.

— Alex Harring

Oil ticked higher Friday as concerns rose over the conflict spreading in the Middle East, but there's a "geopolitical premium" in prices, according to Edward Morse, global head of commodities strategy at Citi.

"The physical oil market is really a lot weaker than where the prices are predicting at the moment," he told CNBC's "Squawk on the Street" Friday. " People have been exaggerating the oil market immediate implications of whatever might happen – it looks like nothing might happen on the immediate future that's going to affect prices."

"The physical market is pointing in a different direction from the volatility but we're still a good $10 below where the peaks were last month," he added.

West Texas Intermediate crude was higher by 0.64% on Friday, while Brent crude futures added 0.82%.

— Tanaya Macheel

Check out the companies making headlines in midday trading.

• Intel — Shares of the chipmaker popped 9.6% on Friday, a day after Intel reported third-quarter results that topped analysts' expectations. Intel also gave strong guidance for the current quarter, and CEO Pat Gelsinger said the company plans to cut costs by about $3 billion this year.
• Dexcom — Shares of Dexcom, which distributes continuous glucose monitoring systems, soared 11.2% after the company posted stronger-than-expected quarterly results and raised its full-year revenue forecast.
• Juniper Networks — The network management software provider climbed 6.2% after exceeding Wall Street's expectations on earnings and revenue for the third quarter. Juniper earned 60 cents per share on an adjusted basis, while analysts surveyed by FactSet expected 55 cents per share. Revenue came out at $1.4 billion for the period, slightly surpassing the average analyst forecast of $1.39 billion.

Read here for the full list.

— Pia Singh

Alphabet shares have dropped more than 10% since the start of the week, putting the company on pace for its worst weekly performance since the early pandemic, or week ended March 20, 2020.

The stock sold off this week on the heels of its third-quarter results. The search giant posted a beat on the top and bottom lines, but its cloud business fell short of Wall Street's expectations.

Megacap stocks have slumped across the board this week as the reporting season for major technology giants kicked into high gear. The tech-heavy Nasdaq Composite is on pace for a 1.7% decline this week.

— Samantha Subin

After the recent period of tough trading, the stock market should be due for a rally, said Quincy Krosby, chief global strategist for LPL Financial.

"Given how bearish the financial markets have become, and how nearly all the metrics associated with oversold conditions are pointing to an impending 'relief' or 'oversold' rally, markets appear poised for a bounce," Krosby said.

Krosby said many market participants hope that post-selloff bounce can turn into a year-end rally, though it may now be unexpected. She also noted that the escalating conflict in the Middle East is weighing on investors going into the weekend, pointing specifically to news of the U.S. fighter jets striking Syria as reason for concern.

"Clearly, the hope is that it leads to the rally that takes the market into the year end," she said. "But the more traders and investors alike give up on that possibility, the higher the chances the market turns and delivers a solid finish to the year."

— Alex Harring

Inflation expectations swing sharply in the final revision of the University of Michigan consumer sentiment survey for October released Friday.

Respondents now see a 4.2% rate one year from now, up a full percentage point from the outlook in September. The survey also was up 0.4 percentage point from the previous release two weeks ago.

The broader index, though, was slightly more positive at 63.8, a gain of 0.8 percentage point from the last reading though below the 67.9 level in September.

—Jeff Cox

Ark Invest's Cathie Wood said the economy may be weaker than data suggest as a number of companies have been reporting disappointing sales in this earnings season.

"Government statistics do not seem to be capturing how weak the economy is," Wood said in a note on X, formerly known as Twitter, Thursday evening. "Many companies are reporting shockingly weak revenues."

She pointed to UPS' delivery volume growth in the U.S., which is worse today than in the 2007-2009 period. The number dropped another 11% last quarter, following a nearly two-year decline, she said.

The widely followed investor has been betting on stronger-than-expected deflationary forces, which could bring down bond yields. Lower rates could make the present value of any future earnings and cash flows of Wood's growth companies worth more.

— Yun Li

Shares of Ford have continued to slide throughout the morning and are now down more than 9%.

Ford's third-quarter report missed expectations for adjusted earnings per share and automotive revenue. The automaker also pulled its full-year guidance, citing the impact of the United Auto Workers strike that ended on Wednesday.

Chief Financial Officer John Lawler said Thursday evening that the strike cost Ford about $1.3 billion in lost production.

— Jesse Pound, Michael Wayland

Intel shares popped 10.4% on Friday and were on pace for their best day on record since Oct. 28, 2022.

The jump in shares came on the heels of stronger-than-expected third-quarter results and strong revenue guidance as the personal computer market shows signs of a recovery.

CEO Pat Gelsinger also said the chipmaker's on track to cut $3 billion in costs this year.

Shares are up 3% week to date. The stock pulled back earlier in the week on a report that Nvidia is working with Arm on a PC chip.

— Samantha Subin

With earnings season nearly halfway through for the S&P 500, here's how companies are faring so far, according to LSEG data.

Of the companies that have posted results, nearly 78% have surpassed earnings expectations. That's slightly above the 74% average beat rate over the last four quarters.

For the period, earnings are expected to grow 4.3% on a year-over-year basis based on the blended earnings growth rate. Excluding the energy sector, which is slated to experience a nearly 35% drop from a year ago, the expected growth rate would be 9.7%.

About 60% of companies have beaten revenue expectations so far, slightly behind the 69% beat over the last four quarters and 62% beat on average based on data dating back to 2002.

— Samantha Subin

The Nasdaq Composite opened higher on Friday, boosted by strong earnings from ecommerce giant Amazon.

The tech-heavy Nasdaq added 0.9%, while the S&P 500 gained 0.4%. The Dow Jones Industrial Average slipped 18 points, or 0.06%.

— Brian Evans

The core personal consumption expenditures price index, an inflation gauge closely followed by the Federal Reserve, rose 0.3% in September. That matches a Dow Jones forecast. Year over year, core PCE increased 3.7%, also in line with expectations.

— Fred Imbert

These are the stocks making the biggest moves before the bell:

• Amazon — Amazon's stock surged 5% after the e-commerce giant reported strong third-quarter results and showed a 13% jump in revenue for the period.
• Intel — The chip stock popped 7% after posting third-quarter results Thursday that topped Wall Street's expectations and offered strong guidance for the current period.
• Enphase Energy — The solar stock sank nearly 15% on disappointing fourth-quarter guidance and mixed results for the third quarter.

Read the full list of stocks moving here.

— Samantha Subin

JPMorgan Chase CEO Jamie Dimon and his family plan to sell 1 million shares of the bank starting next year, according to a regulatory filing released Friday.

The bank said in the filing that the sale will be for "financial diversification and tax-planning purposes" and that this is Dimon's first such sale while at the bank.

Dimon currently owns about 8.6 million shares of the bank, plus additional stock grants that have not yet vested, according to the filing.

Shares of JPMorgan were down less than 1% in premarket trading.

— Jesse Pound

Exxon Mobil reported third-quarter earnings per share of $2.27, excluding items, missing an LSEG estimate of $2.37 per share. Revenue, however, topped expectations at $90.76 billion.

Shares were little changed in the premarket.

"We delivered another quarter of strong operational performance, earnings and cash flows, adding nearly 80,000 net oil-equivalent barrels per day to support global supply," CEO Darren Woods said in a statement.

— Fred Imbert

Chevron posted earnings per share of $3.05, excluding items, for the third quarter. That's well below an LSEG estimate of $3.75 per share. Revenue of $54.08 billion exceeded expectations, however.

Shares fell 1.3% on the back of the mixed quarterly report. To be sure, CEO Mike Wirth touted the company's results and its acquisition of PDC Energy.

"The acquisition of PDC Energy strengthened our position in important U.S. production basins," Wirth said. The DJ Basin now ranks among Chevron's top-five producing assets. "We also acquired a majority stake in ACES Delta, LLC, the United States' largest green hydrogen production and storage hub," Wirth commented.

— Fred Imbert

Wolfe Research strategist Rob Ginsberg noted that the S&P 500 is starting to become oversold, meaning there could be a short-term bounce in the near future.

"Still a bit too orderly in our view, with no real panic ... but worth highlighting that the S&P is on the cusp of oversold for the first time since late September," Ginsberg wrote. "Futures actually signaled oversold intraday. Now, that signal a month ago took about at week to finally gain traction, but we're getting close as we approach the short-term support at 4100."

— Fred Imbert, Michael Bloom

China's former premier Li Keqiang on Friday has died at the age of 68, according to Chinese state media.

CCTV reported Li died just past midnight after suffering a heart attack while in Shanghai.

Li was premier of the world's second largest economy from 2013 to 2023, and ended two terms as premier in March.

Before this, he was vice premier from 2008 to 2013, and became a member of the highest circle of power, the Chinese Communist Party Central Committee Politburo Standing Committee, in 2007, according to state media.

— Evelyn Cheng

Eight out of the 11 sectors ended Thursday's trading session in negative territory. The communication services sector was the laggard, sliding 2.58%, while real estate was the best performer, up 2.15%.

Eight sectors are also negative on the week, again led to the downside by communication services. The sector is down 6.38%, on pace to post its worst weekly performance since February of this year. Utilities, which is up 3.11%, is the best-performing sector so far on the week.

Continuing this theme, 10 sectors are set to close the month in negative territory. Consumer discretionary is down the most at 7.93% month to date, on pace for its worst monthly performance since December 2022. Utilities, up 1.53%, is the best-performing sector this month.

— Lisa Kailai Han, Christopher Hayes

Stocks are limping through the fall, and all three of the major averages are poised to post their third consecutive month of declines.

In October, the S&P 500 is down 3.52%. The Nasdaq Composite is off 4.72%, and the Dow Jones Industrial Average is down 2.16%.

If the month ends with losses for the indexes, it'll be the first time the Dow and the S&P 500 have had three straight months of declines since March 2020.

The last time the Nasdaq fell for three consecutive months was back in June 2022.

-Darla Mercado, Chris Hayes

These are the stocks moving the most in after-hours trading:

Amazon — The e-commerce giant's shares gained 3.8% after beating analysts' forecasts on the top and bottom lines in the third quarter.

Intel — The stock traded nearly 9% higher in post-market hours after the semiconductor chip manufacturer beat third-quarter earnings.

Chipotle Mexican Grill — The burrito chain gained more than 2% in extended trading on the back of earnings results that beat what Wall Street was expecting, based on a survey of analysts by LSEG.

Read the full list of stocks moving here.

— Lisa Kailai Han

U.S. stock futures opened higher on Thursday night.

Futures tied to the Dow Jones Industrial Average rose 65 points, or 0.2%. Meanwhile, S&P 500 futures and Nasdaq 100 futures advanced 0.3% and 0.5%, respectively.

— Lisa Kailai Han