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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