Traders
work
on
the
floor
of
the
New
York
Stock
Exchange
during
morning
trading
on
June
12,
2024.
Michael
M.
Santiago
|
Getty
Images
The
Nasdaq
Composite
ticked
higher
on
Friday
to
close
at
a
record
for
the
fifth
straight
session.
The
tech-heavy
index
inched
higher
by
0.12%
to
end
at
17,688.88.
The
S&P
500
inched
lower
by
0.04%,
closing
at
5,431.60
and
snapping
a
four-day
win
streak.
The
Dow
Jones
Industrial
Average
slipped
57.94
points,
or
0.15%,
to
end
at
38,589.16.
The
University
of
Michigan’s
Survey
of
Consumers
showed
that
consumer
sentiment
declined
to
65.6
in
June,
down
from
69.1
in
May.
This
reading
also
came
below
the
71.5
Dow
Jones
estimate.
Eight
of
the
11
sectors
in
the
S&P
500
slid
during
the
session,
with
communication
services,
information
technology
and
consumer
staples
emerging
as
the
only
winners.
Within
the
broad
market
index,
more
than
360
stocks
ended
the
day
with
declines.
“The
reality
is
that,
even
in
these
bull
markets,
there
are
going
to
be
days
where
you
take
a
pause
and
where
people
take
some
gains.
We’ve
had
such
a
strong
run,
especially
coming
off
of
soft
PPIs
and
soft
CPI
…
I
think
it’s
a
pretty,
pretty
natural
place
to
take
a
pause
after
a
pretty
aggressive
rally,”
said
Ross
Mayfield,
an
investment
strategy
analyst
at
Baird.
Hopes
for
a
continued
cooling
of
inflation
have
boosted
the
S&P
500
and
Nasdaq
this
week.
The
S&P
500
and
Nasdaq
Composite
ended
the
week
higher
by
about
1.6%
and
3.2%,
respectively.
Wholesale
inflation
unexpectedly
ticked
down
0.2%
last
month,
while
economists
polled
by
Dow
Jones
expected
the
gauge
to
increase
0.1%.
That
follows
a
consumer
price
index
reading
that
was
flat
on
a
monthly
basis
in
May.
Elsewhere,
software
giant
Adobe
leapt
14.5%
Friday
after
fiscal
second-quarter
results
surpassed
Wall
Street
estimates.
Declines
in
Caterpillar
and
Boeing
weighed
on
the
Dow,
while
Carnival
and
Norwegian
Cruise
Line
were
the
biggest
laggards
in
the
S&P
500.
