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  3. US markets end mostly in red on Friday

US markets end mostly in red on Friday

15 Jun 2024 Evaluate

The US markets ended mostly in red on Friday as Traders looked to cash in on recent strength in the markets.  However, the tech-heavy Nasdaq bounced back and forth across the unchanged line before eventually ending the session at a record closing high. On the economic data front, the University of Michigan released preliminary data unexpectedly showing a continued deterioration in U.S. consumer sentiment in the month of June. The report said the consumer sentiment index fell to 65.6 in June after tumbling to 69.1 in May. Street had expected the index to rebound to 72.0. With the unexpected decrease, the consumer sentiment index dropped to its lowest level since hitting 61.3 in November 2023. The continued slump by the headline index partly reflected a notable decline by the current economic conditions index, which slid to 62.5 in June from 69.6 in May.

Meanwhile, a report released by the Labor Department showed unexpected decreases by U.S. import and export prices in the month of May. The Labor Department said import prices fell by 0.4 percent in May following a 0.9 percent advance in April. Street had expected import prices to inch up by 0.1 percent. The unexpected declined by import prices partly reflected a sharp pullback by prices for fuel imports, which tumbled by 2.0 percent in May after surging by 4.1 percent in April. On the sectoral front, Oil service stocks saw substantial weakness amid a modest decrease by the price of crude oil, with the Philadelphia Oil Service Index plunging by 2.0 percent to its lowest closing level in four months. Considerable weakness was also visible among airline stocks, as reflected by the 2.0 percent slump by the NYSE Arca Airline Index. With the decrease, the index fell to a six-month closing low.

Dow Jones Industrial Average fell 57.94 points or 0.15 percent to 38,589.16 and S&P 500 was down by 2.14 points or 0.04 percent to 5,431.6, while Nasdaq gained 21.32 points or 0.12 percent to 17,688.88.  


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