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S&P 500, Nasdaq Slip From Record as Nvidia, Apple Decline | Market Story
The S&P 500 slipped modestly Friday after touching a fresh intra-day record as investors assess whether the latest signs of slowing inflation could help convince the U.S. Federal Reserve to start cutting interest rates in the next few months.
The benchmark slid 0.4% to close at 5,460, taking gains in the first half of the year to 14.5%. Earlier in the day, the $S&P 500 Index (.SPX.US)$ rose to new all-time intraday high of 5,523.64. The $Dow Jones Industrial Average (.DJI.US)$ was down 0.1% at 39123.92, closing the first six months of the year with a 3.8% gain.
The $Nasdaq Composite Index (.IXIC.US)$ also touched a new intra-day high of 18,035, before slipping 0.7% to 17732.60. The tech-heavy gauge posted a 18% gain in the first half of the year, propelled higher by the artificial intelligence frenzy that sent $NVIDIA (NVDA.US)$ skyrocketing, pushing the rest of the semiconductor index higher.
The major indices retreated Friday as $Apple (AAPL.US)$ slipped 1.6%, while $NVIDIA (NVDA.US)$ ended the day down 0.4%, giving in to the downward pressure that hit its Magnificent Seven peers $Meta Platforms (META.US)$, $Microsoft (MSFT.US)$, $Alphabet-A (GOOGL.US)$ and $Amazon (AMZN.US)$.
The Fed's preferred gauge of inflation, the personal consumption expenditures (PCE) price index that excludes food and energy slowed to 2.6% in May, from 2.8% in April, the Bureau of Economic Analysis said in a report Friday morning.
That's in line with expectations from economists surveyed by the Wall Street Journal. A separate report, this time from the University of Michigan, showed year-ahead inflation expectations fell from 3.3% last month to 3.0% this month. Long-run inflation expectations came in at 3% for the third consecutive month and have remained remarkably stable over the last three years, Joanne Hsu, surveys of consumers director said in a report released Friday morning.
While the university's consumer sentiment index down to 68.2 in June, from 69.1 a month earlier, the gauge is still about 36% above the trough seen in June 2022, Hsu said.
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Luzi Ann Santos
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Former editor at Bloomberg, ex-commentary editor at Lazard. Posts aren’t investment advice. Views are just mine.
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1000proof : I may be speculating incorrectly but September is historically the worst month of the year for stocks, but recent strength suggests things could be different and we still have yet to see a rate cut. I know we have two months still and stocks are still trending upwards. Does anyone else think the market could buck the trend? Do you see us falling off come the end of the year which turns into 2025 continuing with a downtrend? Or do you see this uptrend taking us into 2025 on a high note?
Jooooohn : Man I love Christmas. Your profile pic is dark btw.