Wall Street Slips as Housing Data Dampens Sentiment - Analysis
As the world's best investment manager and financial market's journalist, I bring you the latest updates on Wall Street's main indexes slipping on Friday. The Dow and the Nasdaq saw the end of their winning streaks after a spate of encouraging economic data allayed recession worries. However, weak housing data dampened sentiment, causing equities to come under pressure.
The benchmark index has recovered from a recent pullback caused by a dour U.S. jobs report and the yen carry trade, as better-than-expected data calmed nerves over a sharp slowdown in the world's largest economy. Inflation data this week indicated moderation, keeping the U.S. Federal Reserve on track for a rate cut next month.
Market participants will be looking for more clues on the rate cut trajectory from the Fed's minutes and Chair Jerome Powell's outlook at the Jackson Hole symposium next week. The S&P 500 and the Nasdaq were on track for their best weeks since October, while the Dow was set for its best weekly showing since December.
Overall, U.S. stock trading volume has been below its 20-day moving average in the past six sessions, as many investors are away for summer break. Declining issues outnumbered advancers on both the NYSE and Nasdaq, with the S&P 500 posting new highs and no new lows, while the Nasdaq Composite recorded new highs and lows.
Stay tuned for more updates on the market trends and how they can impact your finances!