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Americans this weekend are likely to pay the lowest gas prices at the pump on the Labor Day holiday since the pandemic, thanks in part to Wall Street bracing for a sharp slowdown in travel this fall.
While summer’s end typically coincides with a pullback in travel, this year has been complicated by foiled U.S. efforts to squash the flow of crude from Russia, contributing to the first monthly drop in oil prices since April.
Against that backdrop, GasBuddy said earlier this week that it expects gas prices on the last summer holiday weekend of this year to average $3.15 a gallon. That would be the lowest Labor Day price at the pump since 2020, it noted.
“When it comes to gas prices, it’s been the cheapest summer to hit the road since the pandemic, a trend that will likely continue with the potential for the national average to fall below $3 per gallon this fall,” said Patrick De Haan, head of petroleum analysis at GasBuddy, in a press release.
The U.S. stock market closed lower Friday, weighed down by Big Tech as all three major benchmarks saw weekly losses but still finished August with monthly gains.
The Dow Jones Industrial Average retreated 92.02 points on Friday, or 0.2%, to close at 45,544.88.
The S&P 500 fell 41.60 points, 0.6%, to end at 6,460.26.
The Nasdaq Composite dropped 249.61 points, or a sharp 1.1%, to finish at 21,455.55.
The big event on the U.S. economic calendar Friday was the fresh inflation data from the personal-consumption-expenditures price index, which was in line with Wall Street’s expectations.
“There’s no new justification” for the stock market’s selloff on Friday, except for maybe investors wanted to dodge September as the historically worst month for returns, said José Torres, senior economist at Interactive Brokers, in emailed comments. On the last trading day of August, investors were “grabbing profits,” following the S&P 500’s rally so far this year, he said.
The S&P 500 has rallied 9.8% in 2025, including an August gain of 1.9%. The Dow climbed 3.2% in August while the tech-heavy Nasdaq finished with a monthly gain of 1.6%. The U.S. stock market will be closed on Monday in honor of Labor Day.
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