A slump in technology companies weighed on the broader market on Friday, cutting into weekly gains for major indexes.
Investors are weighing new data showing consumer sentiment fell more than expected this month and looking ahead to the Fed’s policy decision next week.
Overseas, both factory output and consumer spending improved in China last month and unemployment continued to fall. China’s central bank cut interest rates on short-term loans, another step to support the country’s recovery.
Stocks fell. The Nasdaq Composite led to a decline in the indices.
“Triple Witchcraft” could add to Friday’s market drama as many futures and options contracts expire.
Arm climbed. The chip designer has seen an upward trend after its volatile stock market debut.
The automakers were a mixed bag. Shares of GM, Ford and Stellantis posted modest gains and losses after the United Auto Workers struck the companies.
Adobe Stocks were among the biggest losers in the S&P 500 after earnings disappointed investors.
The price of oil continued to rise. The most actively traded Brent crude oil contract was just above $94 and is on track for its highest close since November.
Government bonds remained stable. The benchmark 10-year Treasury yield rose slightly to 4.319% after settling at 4.289% on Thursday.