Stocks fell on Friday as Wall Street closed out a negative week, month and quarter that pulled the S&P 500 to a new 2022 low. The broad sector benchmark fell 1.5% on the day, while the Dow Jones Industrial Average and Nasdaq Composite were 1.7% and 1.5% lower, respectively. The Dow also closed below 29,000 for the first time since November 2020 on Friday.

Here's how the market settled to close out the week:

S&P 500 Index (SPY  ): -1.51% ot -54.85 points to 3,585.62

Dow Jones Industrial Average (DIA  ): -1.71% or -500.10 points to 28,725.51

Nasdaq Composite Index (QQQ  ): -1.51% or -161.89 points to 10,575.62

Friday's losses pushed benchmarks to close at a weekly loss, with the S&P 500 down 2.9%, while the Dow lost 2.9% and the Nasdaq was 2.7% lower.

Friday also marked the end of the month and third quarter. For September, the S&P 500 and Dow are down more than 7% each, while the Nasdaq posted its biggest monthly loss since April, closing down over 9%. For the quarter, the S&P and Nasdaq marked their first three-quarter losing streak since 2009, losing about 4% and 3%, respectively. The Dow was also down over 5% for the quarter, marking its third-straight losing quarter for the first time since 2015.

Driving the market on Friday, the Bureau of Economic Analysis reported that its personal consumption expenditures (PCE) price index rose 0.3% in August after decreasing in July. On an annual basis, the PCE index rose by 6.2%. Moreover, core-PCE--which excludes more volatile energy and food prices--also rose by 4.9% year-over-year in August, up from July's rate of 4.7%.

In other economic news, the Commerce Department reported Friday that consumer spending rose 0.4% last month after falling 0.2% in July. Consumer spending accounts for more than two-thirds of U.S. economic activity.

Elsewhere, the University of Michigan's Surveys of Consumers hit 58.6 in its final reading for September released Friday, rising from August's print of 58.2.

"Consumers welcomes the slowdown in inflation last month, but they show signs of uncertainty over the trajectory of the economy," said Joanne Hsu, director of Surveys, in a statement. "Developments overseas generate downside risks. The continued war in Ukraine, the prospect of higher energy costs in Europe and climate disasters all have the potential to exacerbate inflation in the U.S., and consumers will quickly notice any pass-through to rising prices."

For stocks, Nike (NKE  ) shares fell sharply in the stock's worst day since 2001 after the retailer reported a 44% surge in inventory and outlined macroeconomic headwinds that weighed on the company throughout the quarter. The stock was down nearly 13% despite Nike reaffirming its full-year fiscal sales outlook.

Micron Technology (MU  ) closed slightly higher on Friday after the chipmaker forecasted strong revenue growth in the second half of fiscal 2023, expecting PC and smartphone demand to recover at that point.