Stocks Close Lower on Worries About US Economy
On Friday, major US stock indices closed lower amid concerns over the US economy. The S&P 500, Dow Jones Industrial Average, and Nasdaq 100 Index all experienced declines. This drop in stocks was largely driven by weak US retail sales and consumer sentiment reports. The economic reports slightly decreased the probability of a September Federal Reserve rate hike, dropping from 35% to 32%.
However, these reports also fueled worries about a weaker US economy and potential weaker corporate earnings. Despite the poor US economic reports, the 10-year Treasury yield rose by 5 basis points, as investors remained concerned about inflation.
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