Stocks traded mixed Friday, with equities struggling to regain footing after closing out a volatile month in the red.
The S&P 500 and Nasdaq each dipped in intraday trading, erasing gains after opening in the green. The Dow also fell but outperformed compared to the other two major indexes, as shares of Merck (MRK) jumped after the drugmaker released positive data on its COVID-19 antiviral pill.
The S&P 500 ended a seven-month winning streak in September, posting an about 4.8% monthly decline. The Dow ended September lower by 4.4%. The Nasdaq underperformed, shedding 5.4% amid a broad rotation away from growth and technology stocks as expectations for elevated inflation and higher rates took holding.
“As I look at my ‘what am I going to be afraid of list’ today, there are a lot of things on that list,” Scott Wrenn, Wells Fargo Investment Institute senior global equity strategist, told Yahoo Finance on Thursday. “We don’t really think earnings are…