US Stocks End Week with Negative Results
(MENAFN) The New York Stock Exchange concluded Friday with predominantly negative results, influenced by underwhelming figures in consumer confidence, retail activity, industrial output, and a slump in semiconductor equities.
The Nasdaq declined by 0.4%, or 87.69 points, ending the session at 21,622.98. Meanwhile, the S&P 500 dipped 0.29%, or 18.74 points, finishing at 6,449.8.
Conversely, the Dow Jones Industrial Average inched upward by 0.08%, or 34.86 points, to settle at 44,946.12.
The VIX Volatility Index — often referred to as the “fear index" — climbed 1.75%, reaching 15.09.
The largely downward trend mirrored an unanticipated decrease in American consumer confidence for August, as a University of Michigan poll revealed sentiment dropped to 58.6 from July's 61.7.
The slump was mainly linked to "rising worries about inflation."
Near-term inflation projections rose to 4.9% in August, compared to 4.5% in the prior month. Long-term inflation expectations also climbed to 3.9% from July’s 3.4%.
Additionally, statistics from the Federal Reserve indicated that industrial production contracted by 0.1% in July on a monthly basis, falling short of predictions.
Retail sales grew by 0.5% in July, following June’s 0.9% increase, yet came in below the expected 0.6% rise.
In a separate development, investors are closely observing US President Donald Trump's meeting with Russian President Vladimir Putin, held in the state of Alaska.
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