Wall Street slips from its record following the latest weak update on the US economy

The U.S. stock market slipped from its record high on Friday due to a surprisingly weak economy update, according to an Associated Press report. The S&P 500, Dow Jones Industrial Average, and Nasdaq composite all experienced declines, with the S&P 500 falling 0.2% and the Dow down 107 points. The fall was attributed to data showing that U.S. shoppers spent less at retailers in the previous month compared to the month before, which was unexpected and could potentially keep interest rates low.

However, this data also raised concerns about a possible slowdown in the economy, as high inflation remains a problem. While lower inflation could encourage the Federal Reserve to delay interest rate hikes, it also raises the risk of a slowdown in the economy. Some Wall Street experts cautioned against overreacting to the weak data, suggesting it might be due to factors such as tax refunds, the World Cup, and Prime Day events.

Despite the decline, the S&P 500 ended the week on a winning streak, marking its longest streak since May.