Stocks closer lower despite cooling inflation data

The major indexes (^DJI,^GSPC, ^IXIC) closed lower on Friday. Both the S&P 500 and Nasdaq Composite have closed higher 7 of the prior 9 months, with the Nasdaq also closing higher 9 of the prior 10 weeks. Friday's close also marks the end of both the second quarter and the first half of the year. Traders had a lot to grapple with in the day's trading, including cooling inflation data and better-than-expected consumer sentiment data.

Julie Hyman and Jared Blikre recap the day's market action.

For more expert insight and the latest market action, click here to watch this full episode of Market Domination Overtime.

This post was written by Stephanie Mikulich.

Video transcript

Let's see where the major averages ended on the day lower after starting the day higher pretty much across the board here.

So the Dow down by about 41 points about 1/10 of 1% here on the week.

We see really little change very much a sideways movement, the S and P 500 down 4/10 of 1% on the day and also seeing that drop as the progress.

Of course it is end of quarter, end of month and the first half of the year.

So you do see a traders sort of rejiggering positions going into that as they wanna sort of solidify what their, um, reports are gonna look like, uh, for the first half.

And for the first quarter for the second quarter, uh, and the NASDAQ the worst perform on the day down seven in 10th of 1% here.

Um, so seeing that downward movement also quick check on what's going on with the yields as we got that inflation data this morning that came in bang in line with estimates continue to show that we are seeing inflation moderate and yet not seeing moderation in the 10 year 4.34%.

Jared.

Yes, Uh, kind of a ho hum way to end the quarter here, A little bit of downside action in the indices.

And, uh, I'm going to do a fuller recap in about 30 minutes with Josh here.

But let's take a look.

You're looking at the NASDAQ 100 day here, a lot of red in the mega caps.

Let's just quickly put what happened during the week and you can see of a mixed bag here.

Chip stocks didn't do so well, and we'll get to those in a second.

But overall, let's check out the sector action.

Only energy and communication services in the green to the downside, utilities down the most 1.8% but also materials, staples and tech all down 1% or more When we take a look at the here, regional banks did the best KR up 4.5% or thereabouts.

Solar energy day after the debates they are not doing well, could be an election play.

There also Bitcoin this week down about 6.7%.

Cannabis stocks, Chinese stocks.

So a little bit of risk off here, but certainly no disaster