In a short week that was slow for data, the S&P lost 1.69%, the worst week since February, after being in the red each day over the week.
Initial jobless claims came in better than expected (310K actual vs. 335K expected) and continues the downward trend.
In August, the Producer Price Index showed upward pricing pressure on businesses, largely in line with consensus expectations. The Fed will be eyeing to what extent the pricing pressures pass through to consumers, as well as what impact it could have on retail spending, as they head into the September FOMC meeting in a little over a week.