Wall Street declines, but is on track to close the week with gains

Wall Street declines, but is on track to close the week with gains

Stocks fall in trading this Friday in wall street, but not enough to erase the profits From the market in the week.

He S&P 500 falls 0.5%. The benchmark index is on track to post weekly gains that would help trim part of last week’s losses. He Dow Jones Industrial Average falls 28 points, or 0.1%. He Nasdaq it does so by 1.2%,

Technology stocks are the biggest drag on the market. Microsoft fell 1.6% and chipmaker Nvidia fell 1.4%.

U.S. automaker stocks resilient after United Auto Workers union members They will abandon work at several plants during the night. Ford rose 1%, General Motors 1.8% and Stellantis 2%.

Bond yields are uneven. The yield on the 10-year Treasury bond rises to 4.30% from 4.29% on Thursday. The 2-year Treasury yield fell to 5.01% from 5.02% on Thursday.

Wall Street: investors’ magnifying glass

Investors spent much of the week reviewing US economic data, mostly positive. The reports were published before the meeting of the Federal Reserve next week, in which the central bank is expected to maintain interest rates.

The central bank aggressively raised rates through 2022 and 2023 in an effort to control inflation, but maintained interest rate levels at its last meeting. In general, inflation has been declining until the 2% target set by the central bank.

This week, market confidence was bolstered by a report that US buyers Americans spent more at retailers last month than economists expected.. This reflects the notable resilience of the labor market, which has withstood a sharp rise in interest rates.

Another report released Thursday morning indicated that fewer people filed for unemployment benefits last week. than expectedwhich implies that the number of layoffs remains low.

According to a third report, Wholesale prices rose more last month than economists expected. This could be a discouraging sign for households if higher-than-expected inflation is passed on to consumers.

Source: Ambito

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