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  3. US markets end lower on Friday

US markets end lower on Friday

20 May 2023 Evaluate

The US markets snapped two-day gaining streak and ended lower on Friday as Republican negotiators walked out of a meeting over raising the U.S. debt ceiling, offsetting recent optimism about an impending deal. However, selling pressure remained relatively subdued as traders still expect lawmakers to eventually reach a debt ceiling deal. Comments from Federal Reserve Chair Jerome Powell reinforcing expectations the central bank will leave interest rates unchanged next month also helped limit the downside. Citing recent turmoil in the banking sector, Powell suggested interest rates ‘may not need to rise as much as it would have otherwise to achieve our goals.’ However, Powell noted inflation remains too high and stressed the Fed would be ‘steadfast’ in pursuit of its goal of bringing inflation down to its 2 percent target.

On the sectoral front, Airline stocks moved sharply lower over the course of the session, dragging the NYSE Arca Airline Index down by 1.8 percent. Significant weakness also emerged among housing stocks, with the Philadelphia Housing Sector Index falling by 1.4 percent after reaching its best intraday level in well over a year in early trading. Retail stocks also moved to the downside as the day progressed, resulting in a 1.3 percent drop by the Dow Jones U.S. Retail Index. On the other hand, biotechnology stocks turned in a strong performance on the day, driving the NYSE Arca Biotechnology Index up by 1.1 percent.

Dow Jones Industrial Average fell 109.28 points or 0.33 percent to 33,426.63, Nasdaq lost 30.94 points or 0.24 percent to 12,657.90 and S&P 500 was down by 6.07 points or 0.14 percent to 4,191.98.

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