2023-06-23 20:17:59
A sign pointing to Wall Street outside the New York Stock Exchange
(Archyde.com) – The New York Stock Exchange ended in the red on Friday a week marked by “hawkish” statements from Federal Reserve (Fed) Chairman Jerome Powel, who pleaded for further rate hikes while promising to act with caution.
The Dow Jones index fell 0.64%, or 218.29 points, to 33,728.42 points.
The broader Standard & Poor’s 500 lost 33.55 points, or 0.77% to 4,348.34 points.
The Nasdaq Composite fell 138.09 points (-1.01%) to 13,492.516.
The three major U.S. stock indices lost ground in a broad sell-off, with interest-rate-sensitive stocks weighing more heavily on the tech-heavy Nasdaq.
With few catalysts this week outside of statements from Jerome Powel, all three indices posted weekly losses, ending a weeks-long rally.
The Nasdaq broke its longest eight-week streak since March 2019, while the S&P 500 ended its longest five-week rally since November 2021.
The S&P 500 and Nasdaq posted their biggest one-week percentage declines since early March, during the regional banking liquidity crunch.
“The market was overbought and gave back some ground,” said Ross Mayfield, investment strategy analyst at Baird in Louisville, Kentucky. “There is nothing surprising that the markets are taking a break, and this break has been quite orderly,” he added.
In values, US used-car retailer Carmax jumped 10.07% after reporting quarterly profit that beat expectations.
In contrast, Starbucks lost 2.49%. Unions have announced that around 3,500 employees will go on strike next week to protest the cafe chain’s decision to ban Pride month decorations.
(Written by Kate Entringer)
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