Stocks on Wall Street gave up early gains and finished lower on Friday in New York, ending a three-week winning streak for the S&P 500.
The late-afternoon burst of selling may reflect traders taking profits, with the market near all-time highs, or rebalancing their portfolios as the second quarter comes to a close, said Ross Mayfield, investment strategy analyst at Baird.“It wouldn’t surprise me at all if there was some profit-taking today, especially out of the names that have really run up,” Mayfield said. “That could be why we’re seeing a little bit of additional weakness from big tech versus the rest of the market.
The PCE is the Fed’s preferred measure of inflation and the latest reading is encouraging for economists and investors who are hoping for rate cuts to help ease pressure on the market and borrowers. Consumers are still feeling pressure from inflation, despite the significant easing from its peak, and recent data has shown that spending is weakening and weighing down economic growth. The Fed’s goal was to slow economic growth enough to cool inflation, but not so much that the economy slips into a recession.
Nike tumbled 20 per cent for the biggest decline among S&P 500 stocks after the shoe and athletic wear company missed Wall Street’s revenue targets and cut its full-year sales guidance. Company executives said they expect sales to decline by single digits in the current fiscal year, citing a “challenging” environment.
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