TheStreet Live

Stocks suffered from a sharp selloff to end the week as chances of a September hike increased. Crude oil was also a drag on markets, closing with losses of more than 3%.

U.S. stocks fell Friday after oil prices slipped 2 percent, despite a deep decline in U.S. oil inventories.

U.S. stocks fell Thursday as the European Central Bank kept key interest rates unchanged.

Crude oil is higher today after the American Petroleum Institute reported a surprise big drop in supplies. If the U.S. Energy Information Administration confirms that later today, it would be the biggest one week drop in crude supplies in one week. There was also a big increase in Chinese oil imports. Hewlett Packard ( ) is getting smaller. It says it will spin-off its software business to U.K. software maker Micro Focus in an $8 billion deal. CEO Meg Whitman says the move makes HPE 'a stronger company, well positioned to the future.' Liberty Media Group ( ) is purchasing Formula 1 racing. The Media group deal values Formula 1 at $4.4 billion. Liberty Media plans to change its name to the Formula 1 Group once the deal is complete.

Disappointment over the ECB's inaction and uncertainty over the Federal Reserve's rate plans left markets rattled.

Stocks remained in the red, though off the day's lows, after the European Central Bank left rates unchanged. The ECB's decision to maintain its monetary policy initially disappointed markets.

Stocks settled narrowly mixed as questions over the Federal Reserve's rate hike plans continued to roil markets. Oil had a better day, closing at its best level in a week. The Fed's Beige Book, out this afternoon, reiterated a "modest" pace

It's Apple's ( ) big day. Apple is expected to introduce new versions of the iPhone and the Apple watch at a media event. It's scheduled in San Francisco for 1 pm Eastern Time. Apple's iPhone 7 is expected to have a faster processor, be more water resistant, have a dual lens camera and no headphone jack. Bill Ackman's Pershing Square has bought a 9.9% stake in Chipotle Mexican Grill ( ), worth $1.2 billion dollars. The investment makes Pershing Square the second largest shareholder of Chipotle. Reuters says Ackman is talking to management about changes he believes are needed at the company. Chipotle sales are down after a series of food borne illnesses outbreaks in 15 states. San Francisco Federal Reserve President John Williams expects interest rates to rise but more slowly than at any time in history. He told the Hayek Group that it makes sense to get back to gradual rate increases, sooner rather than later.

Bayer has sweetened its offer to buy Monsanto ( ). The German company says it will now pay $65 billion for the U.S. seed and chemical company. Even before the latest offer, Bayer's proposal was the largest all cash takeover offer on record. Even if Monsanto agrees to this, it will still have to get through antitrust challenges. The Federal Reserve has become front and center in the U.S. presidential campaign. Republican nominee Donald Trump says the Fed has created a 'false economy' by keeping interest rates low. In fact, he told an Ohio crowd that the Fed is keeping interest rates low to prop up the stock market to help President Obama. London is now the top international destination for Americans, thanks to Brexit. Travel Leaders Group, a travel agency says it's beaten out the Caribbean this year. Britain leaving the European Union, known as Brexit, sent the British pound down making travel there cheaper for Americans.

Stocks were mixed after a measure on U.S. services activity last month declined more than expected. The ISM Non-Manufacturing Index showed services activity fall to its slowest growth since 2010. Analysts said it was too soon to determine whether August was a blip or part of a slowing trend.