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On Friday, the Nasdaq Composite extended its winning streak to a fifth straight session, setting another record high. The tech-heavy index edged up by 0.12% to finish at 17,688.88. Meanwhile, the S&P 500 experienced a minor decline of 0.04%, closing at 5,431.60, ending a four-day winning streak. The Dow Jones Industrial Average slipped 57.94 points, or 0.15%, settling at 38,589.16.
According to the University of Michigan’s Survey of Consumers, consumer sentiment declined to 65.6 in June from 69.1 in May, falling short of the 71.5 estimate from Dow Jones.
Eight out of the 11 sectors in the S&P 500 registered losses during the session, with communication services, information technology, and consumer staples emerging as the only gainers. Across the broader market index, over 360 stocks closed lower for the day.
Ross Mayfield, an investment strategy analyst at Baird, commented, “The reality is that, even in these bull markets, there are going to be days where you take a pause and where people take some gains. We’ve had such a strong run, especially coming off of soft PPIs and soft CPI … I think it’s a pretty, pretty natural place to take a pause after a pretty aggressive rally.”
This week, hopes of easing inflation contributed to gains in the S&P 500 and Nasdaq Composite, with both indices closing higher by approximately 1.6% and 3.2%, respectively.
In economic news, wholesale inflation unexpectedly declined by 0.2% last month, contrary to expectations of a 0.1% increase as per economists polled by Dow Jones. This followed a flat reading in the consumer price index for May.
In individual stock movements, Adobe surged 14.5% after reporting fiscal second-quarter results that exceeded Wall Street’s expectations. On the downside, declines in Caterpillar and Boeing weighed on the Dow, while Carnival and Norwegian Cruise Line were the top laggards in the S&P 500.
