Stocks slipped on Wall Street after a report showed that sentiment is souring among U.S. consumers.
The S&P 500 lost 0.2% Friday. The Dow ended barely lower and the Nasdaq gave up 0.4%.
A preliminary survey said confidence in the economy among consumers is tumbling. Treasury yields rose because the data also suggested the Federal Reserve may need to keep interest rates high in order to undercut rising expectations for inflation. That in turn hurt Big Tech and other high-growth stocks, which were the heaviest weights on Wall Street. Worries are also still high about a possible default on the U.S. government’s debt.
On Friday:
The S&P 500 fell 6.54 points, or 0.2%, to 4,124.08.
The Dow Jones Industrial Average fell 8.89 points, or less than 0.1%, to 33,300.62.
The Nasdaq composite fell 43.76 points, or 0.4% to 12,284.74.
The Russell 2000 index of smaller companies fell 3.86 points, or 0.2%, to 1,740.85.
For the week:
The S&P 500 is down 12.17 points, or 0.3%.
The Dow is down 373.76 points, or 1.1%.
The Nasdaq is up 49.33 points, or 0.4%.
The Russell 2000 is down 19.03 points, or 1.1%.
For the year:
The S&P 500 is up 284.58 points, or 7.4%.
The Dow is up 153.37 points, or 0.5%.
The Nasdaq is up 1,818.26 points, or 17.4%.
The Russell 2000 is down 20.40, or 1.2%.
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