Day Traders Diary
The major averages finished in the red on concerns around the U.S. economy and regional banks dampened investor sentiment. The Dow Jones Industrial Average dropped 8.89 points lower, or 0.03%, to close at 33,300.62. The Nasdaq Composite fell 6 points, ending the day at 12,284. The S&P 500 declined 6 points to closed at 4,124.
A preliminary reading on the University of Michigan's consumer sentiment index fell to a six-month low of 57.7. Economists polled by the Dow Jones expected a May reading of 63.0. The survey also showed the outlook for inflation over the next 5 years climbed to 3.2%, tying the highest clip since June 2008.
Investors are also keeping an eye on Washington as concern around debt ceiling negotiations persisted. CNBC reported that a debt ceiling meeting between President Joe Biden and congressional leaders that was set for Friday was postponed to next week.
The S&P 500 and Dow fell for a second consecutive week, down 0.29% and 1.11%, respectively. The Nasdaq gained 0.4%.
Meanwhile in the world of regional banks, PacWest fell 2.9%. On Thursday, regional banks dropped after PacWest said its deposits fell sharply last week.
Meanwhile, weaker-than-expected wholesale prices data, a sign of easing inflation, failed to shield investors from ongoing concerns of a downturn ahead on Thursday — particularly as a handful of stocks continue to carry the market.
Import prices were 0.4% month-over-month in April, the Bureau of Labor Statistics said Friday, marking the first rise so far in 2023. Economists polled by Dow Jones were expecting a 0.3% rise last month, compared to the decline of 0.6% the prior month.
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