Stocks ended lower on Friday due to political uncertainty and weaker-than-expected PCE inflation

From Nasdaq: 2024-06-30 03:59:38

Stocks ended lower on Friday due to political uncertainty following the U.S. presidential debate and weaker-than-expected PCE inflation numbers. Despite this, the S&P 500, Dow Jones, and Nasdaq had healthy increases in June and for the year so far. The market remains optimistic for more gains, but short-term turbulence may be expected due to earnings buyback blackout.

Recent stock declines are seen as profit-taking among tech stocks after a strong first half of the year. Tech and communications sectors led the market, but there has been a notable rotation to real estate, energy, and financials. Market is bracing for jobs data this week, with the possibility of an interest-rate cut in September amidst mixed economic signals.

Stocks in the news include Tesla jumping 7%, UnitedHealth and Humana performing well in Healthcare, Citigroup shining after stress tests, Nike becoming the DJIA’s worst performer, and FedEx surging with positive revenue and earnings outlook. Earnings releases for Constellation Brands and ex-dividend dates for several firms are expected this week.



Read more at Nasdaq: The Week That Was, The Week Ahead: Macro & Markets, June 30, 2024