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Stock market news today: Dow sheds over 350 points as S&P 500 enters correction territory

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The Federal Reserve's preferred inflation metric showed prices continued to cool in September.

The S&P 500 closed down about 0.5% despite notching gains earlier in the session, while the Dow Jones Industrial Average Index, which excludes the volatile food and energy categories, showed prices rose 0.3% in September and 3.7% from the prior year, dataOn a headline basis, which includes all categories, PCE rose 3.4% over last year and 0.4% month-over-month.

"Mr. Dimon continues to believe the company’s prospects are very strong and his stake in the company will remain very significant," JPMorgan said in the filing. "Disposable income growth has come under pressure as wage and job growth slows," Pearce explained."The weakness also reflects a slight fiscal tightening as transfer payments decline and as tax payments increase. With incomes falling, higher spending is being funded by lower saving, with the personal saving rate declining to 3.4% in September, its lowest since December 2022."

Shares surged more than 10% after the tech giant beat analysts' expectations on the top and bottom lines and reported better-than-expected guidance for the fourth quarter, implying revenue growth for the first time since 2020. Yahoo Finance's Dan Howley

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