Editor's note: This article has been updated to correct an error in the price movement of Charter Communications stock.
A weaker-than-expected May Consumer Report from the University of Michigan halted stock gains on Friday, raising concerns that consumer health could deteriorate amid perceived rising price pressures. It has increased.
The report found that short-term and long-term inflation expectations soared more than expected this month, with broader consumer measures hitting six-month lows.
“If spending slows and inflation rises, we would have the opposite of the Goldilocks scenario that many were expecting,” he said. “We will be in a particularly difficult position where we will have to choose whether to fight against them.” Chris ZaccarelliChief Investment Officer of the Independent Advisor Alliance.
Following this view, Jeffrey RoachLPL Financial's chief economist said the risk of stagflation has increased and could destabilize the market.
As of 12:05 p.m. trading in New York, the S&P 500 was down 0.1%, but was up a solid 1.6% for the week, poised to secure its third consecutive week of gains after three consecutive weeks of declines. .
The Dow Jones Industrial Average rose slightly, fighting for its longest streak of eight straight gains since December 2023. Tech stocks were flat. Small-cap stocks underperformed. iShares Russell 2000 ETF (NYSE:IWM) fell 0.9%.
Rising awareness of inflation in consumer surveys helped the dollar, which is expected to close in positive territory for the week after two negative closes.
Treasury yields also rose by about 4 basis points across all maturities. In 2010, the index reached 4.5%.
Gold soared to $2,385 per ounce. SPDR Gold Trust (NYSE:GLD) rose 0.8%.
Dismal consumer sentiment data weighs heavily Bitcoin (CRYPTO: BTC) Following the report, the largest cryptocurrency fell more than 4% from $63,000 to less than $60,500.
Chart of the Day: Michigan consumer sentiment data negatively impacts Bitcoin
Friday performance of major US indexes and ETFs
|
Major index |
price |
1 day %chg |
|
dow jones |
39,411.32 |
0.1% |
|
Nasdaq 100 |
18,108.22 |
0.0% |
|
S&P500 |
5,209.09 |
-0.1% |
|
russell 2000 |
204.04 |
-0.9% |
Updated at 1:05 p.m.
of SPDR S&P 500 ETF Trust (NYSE:SPY) was unchanged at $520.20. SPDR Dow Jones Industrial Average (NYSE:DIA) rose 0.2% to $394.65. Invesco QQQ Trust (NASDAQ:QQQ) rose 0.1% to $441.38, according to data from Benzinga Pro.
By sector, Financial Select Sector SPDR Fund (NYSE:XLF) outperformed, rising 0.5%.of consumer's discretion Sector Selection SPDR Fund (NYSE:XLY) was a big laggard, dropping 0.6%.
friday stock mover
-
Novavax Co., Ltd. (NASDAQ:NVAX) soared a staggering 122% after the company announced a licensing deal for its COVID-19 vaccine. sanofi (NASDAQ:SNY). The drugmaker reported a lower-than-expected loss last quarter, but missed revenue expectations.
-
Macrogenics Co., Ltd. (NASDAQ:MGNX) fell 77% after the release of an interim report on a mid-term study of an anti-cancer drug candidate and the unfortunate deaths of several study participants. Additionally, results for the quarter were below expectations.
-
Charter Communications Co., Ltd. (NASDAQ:CHTR) rose 4.6% after the company launched a tender offer to repurchase its senior secured notes due 2025 for up to $1.7 billion in cash.
-
moderna company. (NASDAQ:MRNA) following the company's announcement that the FDA will not complete its review of MRNA's respiratory syncytial virus (RSV) vaccine by its scheduled action date of May 12 due to administrative constraints. The stock fell by 4% as a result. The FDA said it plans to complete the review by the end of May.
-
Companies that responded to their earnings Gen Digital Co., Ltd.. (NASDAQ:GEN) up 15%; METTLER TOLEDO INTERNATIONAL CO., LTD. (NYSE:MTD) up 14%; Akamai Technologies Co., Ltd. (NYSE:ANET) down 10%; Ubiquiti Co., Ltd. (NYSE:UI) up 8%; Digital Ocean Holdings Co., Ltd. (NYSE:DOCN) up 6.6%; Construction Partners Co., Ltd. (NASDAQ:ROAD) up 2.6%; Silvamo Co., Ltd. (NYSE:SLVM) down 5%; Costamare Co., Ltd. (NYSE:CMRE) up 1.3%; Marathon Digital Holdings Co., Ltd. (NASDAQ:MARA) down 8%; Insulet Co., Ltd. (NASDAQ:PODD) down 4%; H&R Block Co., Ltd.. (NYSE:HRB) up 9.7%; Genpact Co., Ltd. (NYSE:G) rose 5.7%.
Read now: Germany's Tesla Gigafactory confronts climate protesters Friday: 'Why aren't they in jail?' Musk asks
Image generated using artificial intelligence via Midjourney.
“The Active Investor's Secret Weapon'' Step up your stock market game with the #1 News & Everything else trading tool: Benzinga Pro – Click here to start your 14-day trial now!
Want the latest stock analysis from Benzinga?
This article Stock prices pause due to gloomy consumer confidence. Yields and dollar rise, Bitcoin falls as inflation expectations rise: What will move markets on Friday? (Corrected) Originally published on his Benzinga.com
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
