US stocks fall on inflation data to cap steep losses for September and the 3rd quarter

For the third quarter, the S&P 500 gave up 6%, while the Nasdaq lost nearly 5%, and the Dow sank more than 7%.

• US stocks fell Friday, closing out steep losses for the week, month, and third quarter.
• The Fed's preferred inflation gauge increased 4.9% in August from a year ago, up from 4.7% in July.
• For the third quarter, the S&P 500 gave up 6%, while the Nasdaq lost nearly 5%, and the Dow sank more than 7%.

US stocks fell Friday as fresh inflation data pointed to more hawkish monetary policy, closing out steep losses for the week, month, and third quarter.

The Federal Reserve's preferred inflation gauge — the core personal consumption expenditures price index — increased 4.9% in August from a year ago, up from 4.7% in July and above forecasts. Markets have been selling off as central bankers reinforce their intent to keep policy tight until inflation cools sufficiently, while soaring bond yields have heightened turmoil across global markets, most recently in the UK.

For the week, the S&P 500 and Dow lost 3%, and the Nasdaq dipped 0.3%. For the month of September, the S&P 500 and the Dow plunged more than 9%, and the Nasdaq tumbled 10%. For the third quarter, the S&P 500 gave up 6%, while the Nasdaq lost nearly 5%, and the Dow sank more than 7%. 

Here's where US indexes stood as the market closed at 4 p.m. ET on Friday: 

• S&P 500: 3,585.65, down 1.51% 

• Dow Jones Industrial Average: 28,725.51, down 1.71% (500.10 points)

• Nasdaq Composite: 10,575.62, down 1.51% 

Here's what else is going on today: 

• A Chinese regulator told several investment banks, including JPMorgan and Goldman Sachs, to avoid publishing politically sensitive research ahead of the Communist Party's National Congress summit next month, according to the Wall Street Journal.
• Wharton professor Jeremy Siegel dismissed warnings of a "lost decade" in the stock market, predicting annualized returns of 6% net of inflation.
• Nike stock tumbled as much as 14% after the athletic gear giant reported an inventory spike and warned margins will be squeezed. 
• The pound fell further against the dollar as emergency talks in the UK over new budget and tax cut proposals failed to calm markets.
• Long-time bull Ed Yardeni warned that aggressive Fed moves to sharply raise interest rates could crush asset prices further and spark a deep recession. 

In commodities, bonds, and crypto:

• Oil prices slipped, with West Texas Intermediate down 2% to $79.64 a barrel. Brent crude, the international benchmark, inched 0.7% lower to $87.90 a barrel.
• Gold ticked up 0.1% to $1,670.50 per ounce.
• The 10-year yield climbed 4.7 basis points to 3.794%.
• Bitcoin rose 1.6% to $19,712.