S&P on Track for Weekly Gain, Despite Friday Losses

The S&P 500 slipped on Friday after hitting a record high, as investors took some gains off the table after a strong week. The Dow Jones Industrial Average grew 34.86 points to 44,946.12, thanks to a 14% jump in UnitedHealth. The much-broader index sagged 18.75 points to close the day and the week at 6,449.79. The NASDAQ fell 87.69 points to 21,622.98. A decline in chip stocks and weak consumer sentiment data hurt in the market Friday. Applied Materials fell 14%. Nvidia also lost 2%. The major averages remained on solid footing for the week, however. The Dow outperformed, up 2%. The S&P 500 and NASDAQ gained more than 1% week to date, thanks to new consumer inflation data that raised hopes for a Federal Reserve rate cut next month. Meanwhile, the University of Michigan’s consumer sentiment index fell to 58.6 in August from 61.7 last month due to worries over inflation. The major averages remained on solid footing for the week, however. The Dow outperformed, up 2%. The S&P 500 and NASDAQ gained more than 1% week to date, thanks to new consumer inflation data that raised hopes for a Federal Reserve rate cut next month. July’s retail sales data, released on Friday morning, also painted a still-healthy picture for the U.S. consumer. Retail sales rose 0.5% last month, meeting expectations from the Dow Jones consensus. Retail sales excluding automobiles gained 0.3%, also matching estimates. Meanwhile, the University of Michigan’s consumer sentiment index fell to 58.6 in August from 61.7 last month due to worries over inflation. Prices for 10-year Treasury lost ground Thursday, raising yields to 4.32% from Thursday’s 4.29%. Treasury prices and yields move in opposite directions. Oil prices dipped 84 cents to $63.12 U.S. a barrel. Gold prices skidded 60 cents to $3,382.60 U.S. an ounce.