The US markets ended lower on Friday, as investors digested a mixed bag of economic data and earnings reports and prepared for a week filled with economic releases and a Federal Reserve meeting. The technology sector was the biggest drag on the market as megacap stocks including Nvidia reversed after rallying sharply earlier in the week. Semiconductor stocks also showed a significant move to the downside on the day, dragging the Philadelphia Semiconductor Index down by 1.9 percent. Oil and networking stocks also saw notable weakness, while pharmaceutical stocks showed a strong move to the upside, driving the NYSE Arca Pharmaceutical Index up by 1.4 percent.
On U.S. economic front, revised data released by the University of Michigan showed consumer sentiment unexpectedly deteriorated by more than previously estimated in the month of January. The University of Michigan said its consumer sentiment index for January was downwardly revised to 71.1 from the preliminary reading of 73.2. The consumer sentiment index is down from the final December reading of 74.0, marking the first decrease in six months.
Dow Jones Industrial Average fell 140.82 points or 0.32 percent to 44,424.25, Nasdaq declined 99.38 points or 0.50 percent to 19,954.30 and S&P 500 was down by 17.47 points or 0.29 percent to 6,101.24.
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