US stocks were mixed on Friday, with the Dow and S&P both falling, while the Nasdaq closed at a record high after the latest data showed a slight decline in consumer confidence.
The University of Michigan's June consumer confidence survey came in at 65.6, down from 69.1 the previous month and below expectations.
“The market is almost exclusively driven…”
US stocks were mixed on Friday, with the Dow and S&P both falling, while the Nasdaq closed at a record high after the latest data showed a slight decline in consumer confidence.
The University of Michigan's June consumer confidence survey came in at 65.6, down from 69.1 the previous month and below expectations.
“The market is almost exclusively driven by technology,” Sam Stovall, chief investment strategist at CFRA, told AFP.
“You can't help but think this is a jumbo jet flying on just one engine, even though there were five more sectors in positive territory,” he added.
The Dow Jones Industrial Average fell 0.2% to close at 38,589.16, while the S&P 500 lost less than 0.1% to 5,431.60.
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The tech-heavy Nasdaq Composite Index rose slightly, by just over 0.1%, to close at 17,688.88, setting a new record.
Among individual stocks, Adobe was the day's biggest gainer, rising 14.5% after the company reported second-quarter profit and revenue that beat expectations.
While tech companies fared well on Friday, many others did not. Norwegian Cruise Line was Wall Street's biggest loser of the day, dropping shares nearly 7.5% after a Bank of America analyst suggested the cruise line was losing some of its pricing power.
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