The S&P 500 Index was down 0.7% at 4,102.33, while the Nasdaq was down 0.9% at 12,220.54. Meanwhile, the Dow Jones Industrial Average fell 0.5% to 33,152.05 units.
Wall Street’s main indexes fell on Friday after a report showed US consumer confidence dipped to a six-month low.indicating that rapidly rising interest rates are beginning to affect economic growth.
The S&P 500 Index was down 0.7% at 4,102.33, while the Nasdaq was down 0.9% at 12,220.54. Meanwhile, the Dow Jones Industrial Average fell 0.5% to 33,152.05 units.
Consumer confidence fell in May to its lowest level since Novemberas the deadlock in negotiations for an increase in the federal government’s borrowing limit fueled concerns about the outlook for the economy.
Markets watched for signs of a move to raise the US government’s debt ceiling of $31.4 trillion to avoid a catastrophic default.
The meeting between President Joe Biden and top lawmakers, scheduled for Friday, has been postponed to early next week.
“If the consumer turns pessimistic, if inflation has finally gotten to the point where consumers can’t spend, if they’re worried about their job prospects, that’s going to be another headwind,” said Steve Wyett, chief investment strategist at BOK Financial. .
Earlier in the week, both consumer and producer prices cooled somewhat, while weekly jobless claims posted their biggest rise in a year and a half, but at a pace that helped raise the bets to a pause on Federal Reserve rate hikes.
Shares had risen at the open on Tesla Inc’s gains after news broke that its chief executive officer, Elon Musk, had found a new chief executive for Twitter. But they soon reversed their gains and fell 0.3%.
Linda Yaccarino, who stepped down as NBCUniversal’s director of publicity, was in talks to become Twitter’s new chief executive.
Source: Ambito
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