Stock market today: S&P 500 slips from record high but caps third straight week of gains
Friday brought a slight decline for US stocks following the S&P 500 reaching a record high due to disappointing consumer sentiment. The S&P 500, Dow Jones Industrial Average, and Nasdaq Composite all experienced minor drops, marking the third week of gains for the S&P 500 despite the dip. Consumer sentiment figures released by the University of Michigan revealed that Americans were growing increasingly pessimistic about the economy, with inflation being a major concern.
Oil prices rose, further pressuring the market amid low trading volume. With no major reports scheduled for Friday, investors now turn their focus to retail earnings in the coming week, including Target and Walmart, followed by Nvidia's highly anticipated report on August 26. Economic data showed US retail sales falling more than a year ago.
The Federal Reserve's upcoming meeting in Jackson Hole will be a crucial moment for the US economy as officials deliberate on whether to maintain interest rates steady or adjust for inflation relief.
Written by urgent.news from Yahoo Finance's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
