The Week's Top Stories is a guided tour through the biggest market stories of the week, from winning stocks to brutal dips to the facts and forecasts generating buzz on Wall Street.  


The stock market fell to a two-month low this week following the latest consumer price index data that showed higher-than-expected inflation. While inflation continues to slow, investors appear concerned that prices aren't coming down fast enough for the Federal Reserve to avoid another massive rate hike at next week's FOMC meeting. More rate hikes means more pressure on equities, which explains the dour mood on Wall Street. On the bright side, the latest retail data showed that consumers increased spending in August, suggesting that Main Street might be holding up better than Wall Street at the moment.


Leading the downturn Friday was FedEx, whose shares plunged 23 percent after the company posted a financial update that showed earnings missing forecasts by the biggest margin in two decades, according to Deutsche Bank AG. The company's revenues took a serious hit as "macroeconomic trends significantly worsened later in the quarter, both internationally and in the U.S.," said Raj Subramaniam, CEO of FedEx. The statement led multiple analysts to lower their recommendations, and some are pointing out that what's bad for the package delivery giant might not bode well for the broader economy. 


Beating the market was Netflix, a company whose stock usually moves with the ebbs and flows of Wall Street. Shares stayed positive despite the bearish turn across equities, in part because of excitement around the streamer's ad-supported option. Netflix expects 40 million viewers to use the new subscription plan by the third quarter of 2023, according to a Wall Street Journal report. This led analyst Evercore to upgrade Netflix's stock this week. Meanwhile, another tech stock, Meta, felt the brunt of the downturn. The stock fell almost 13 percent through the week, on the heels of another Wall Street Journal report showing that Instagram Reels is lagging behind the dominant video sharing app, TikTok.


Outgoing Starbucks interim CEO and founder Howard Schultz on Wednesday hosted his last investor day, and it was a banger. The company announced a number of major changes, including a new approach to labor relations in response to a nationwide union drive. Schultz and other executives admitted that the company's labor troubles were "self-induced" and outlined possible changes, such as more flexible scheduling and increased automation (neither of which, notably, are always a good thing from a worker's perspective). The news appeared to give the stock a boost, as it was up nearly 2 percent amid the market turmoil. 


Tesla CEO Elon Musk is doing everything in his power to get out of his $44 billion acquisition of Twitter, but the social media platform is not making it easy. Shareholders on Tuesday voted in favor of the deal. Arguably, this isn't surprising, considering that the deal would buy them out at $54.20 per share, and Twitter's current share price is $41.