WTI Crude, Gold, HSI, Dow, S&P 500 and Nasdaq
The S&P 500 and Dow fell for a second consecutive week, down 0.29% and 1.11%, respectively.
A preliminary reading on the University of Michigan’s consumer sentiment index fell to a six-month low of 57.7. Economists polled by the Dow Jones expected a May reading of 63.0. The survey also showed the outlook for inflation over the next 5 years climbed to 3.2%, tying the highest clip since June 2008.
Investors are also keeping an eye on Washington as concern around debt ceiling negotiations persisted. CNBC reported that a debt ceiling meeting between President Joe Biden and congressional leaders that was set for Friday was postponed to next week.
E-Mini Nasdaq
The Nasdaq gained 0.4%.
In the world of regional banks, PacWest fell 2.9%. PNC lost roughly 1%, and Zions Bancorporation closed 1.1% lower. On Thursday, regional banks dropped after PacWest said its deposits fell sharply last week.
Meanwhile, weaker-than-expected wholesale prices data issued Thursday, a sign of easing inflation, failed to shield investors from ongoing concerns of a downturn — particularly as a handful of stocks continue to carry the market.
Import prices were 0.4% month over month in April, the Bureau of Labor Statistics said Friday, marking the first rise so far in 2023. Economists polled by Dow Jones were expecting a 0.3% rise last month, compared to the decline of 0.8% the prior month.
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