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S&P 500 slips from record high, ends third straight week up
The S&P 500 was down about 0.2% on Friday, while August consumer sentiment and weak retail sales from the Census Bureau pressured stocks ahead of upcoming retail earnings.
US stocks fell on Friday after the S&P 500 reached a record high, though the index still capped a third straight week of gains, according to Yahoo Finance. The S&P 500 declined by about 0.2%, while the Dow Jones Industrial Average also fell about 0.2%. The Nasdaq Composite dropped about 0.3%, finishing the week with only a slight gain.
Yahoo Finance attributed the pullback to a more cautious tone in afternoon trading following a preliminary University of Michigan reading showing consumers grew more dour as inflation stayed top of mind. The report also pointed to rising oil prices, adding pressure during low-volume summer trading. With no major reports scheduled for Friday, investors are looking ahead to a slate of retail earnings next week, including Target and Walmart, before Nvidia’s highly anticipated report on Aug. 26.
On the data front, Yahoo Finance said US retail sales fell the most in more than a year last month, according to new Census Bureau figures released Friday.
Latest closeS&P 500 7,785.76 ▼0.2%|Nasdaq Comp. 26,729.16 ▼0.3%|Dow Jones 53,732.41 ▼0.2%