The stock market fell on Friday, pushing the DOW, S&P 500, and NASDAQ into the red for the week, ending a three-week winning streak. Inflation fears overshadowed strong retail sales numbers and better-than-expected earnings reports as earnings season kicked off.
On the day the DOW lost 299.17 points or -0.86%, to close at 34,687.85. The S&P 500 dipped -0.75% to 4,327.16, and the NASDAQ lost -0.80% to 14,427.24.
On a weekly level, the DOW ended the week down -0.52%, while the S&P 500 dipped -0.97%, and the NASDAQ fell -1.87% for the week.
The U.S. consumer sentiment index from the University of Michigan came in at 80.8 for the first half of July, down from 85.5 last month and worse than estimates from economists, who projected an increase. The report released Friday showed inflation expectations rising, with consumers believing prices will increase 4.8% in the next year, the highest level since August 2008.
Key Levels To Watch Next Week:
- S&P 500 (CME:SP500): 4,274.67
- Dow (INDEX:DJI): 34,145.59
- NASDAQ (NASDAQ:COMP): 14,371.59
- U.S. Dollar (ICE:DX): 91.69
- Gold (NYMEX:GC.Q21): 1,810.10
- Crude Oil (NYMEX:CL.Q21): 72.96
- Bitcoin (BITCOIN:BITSTAMPUSD): 36,623.79
Every Success,
Jeremy Lutz
INO.com and MarketClub.com
Its fallacy.What Mr Powel said after inflation numbers was that all this transitory.Trillions of dollar have been printed giving buying powers into the hands of speculators.
Similarly Chinese reduced CRR giving trillions of yuan.
All this shows things are not in good shape but being shown as such.