U.S. stocks drifted lower Friday, although major indexes looked on course to hold on to their gains for the month.
The S&P 500 fell 0.4%. The Dow Jones Industrial Average declined 75 points, or 0.2%, to 35008, and the Nasdaq Composite slipped 0.7%.
A monthslong rally in U.S. stocks has weakened in recent weeks on signs that the pace of economic growth may be slowing and snarls in the global supply chain for goods are persisting. Lingering concerns over China’s clampdown on its internet and technology businesses as well as lofty expectations for corporate earnings have also weighed on sentiment this week. Amazon.com ’s disappointing sales report late Thursday and weaker outlook rattled Wall Street further, investors say.
Nevertheless, U.S. stock indexes remain on course to post gains for the month, led by gains in shares of utilities and real-estate companies. The bondlike stocks tend to pay hefty dividends to investors, making them look relatively attractive when markets are volatile.
The S&P 500 is up 2.2% for July, headed for its sixth consecutive month of gains, while the Dow industrials are up 1.5%. The Nasdaq Composite is up 0.8%.
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