US stock market opens lower, heading for weekly losses

By Ovunc Kutlu

ANKARA (AA) - US stock market opened lower on Friday with major indexes heading for weekly losses as the five-day trading period has been mired with a massive sell-off.

The Dow was down 307 points, or 1%, to 30,654 at 9.48 a.m. EDT. The S&P 500 fell 53 points, or 1.37%, to 3,847.

The tech-heavy Nasdaq plummeted 191 points, or 1.66%, to 11,360.

The indices recorded their worst single-day loss in 2022 on Tuesday in a massive sell-off, as annual consumer inflation in the US hit 8.3% in August, above estimates of an 8.1% annual increase.

The probability of the Fed raising rates 100 basis points climbed Wednesday to as high as 34% but eased Friday to 22%, according to the FedWatch Tool provided by US-based global markets company Chicago Mercantile Exchange Group.

The VIX volatility index, also known as the fear index, soared 7.9% to 28.36. The 10-year US Treasury yield was up 0.5% to 3.477%.

The dollar index increased 0.25% to 110.01, while the euro was down 0.3% to $0.9970 against the greenback.

Precious metals have continued their decline, with gold falling 0.2% to $1,660, a 52-week low. Silver dove 0.6% to $19.06.

Oil prices were up slightly. Global oil benchmark Brent crude was trading at $91.45 a barrel for a 0.7% gain. US benchmark West Texas Intermediate was around $85.22 -- up 0.1%.