Azzad MarketWeek
Stocks were mixed over a sleepy summer week, as cooling inflation lifted markets while sluggish retail sales nipped at investor sentiment.
The Standard & Poor’s 500 Index added 0.36 percent, while the Nasdaq Composite Index edged up 0.14 percent. The Dow Jones Industrial Average slid 0.56 percent.
Third Straight for S&P 500
Stocks began the week with mild declines, with megacap tech names under pressure as investors anxiously awaited inflation updates.
But spirits lifted midweek as a July inflation report showed consumer prices increased at a slower pace, leading investors to hope the Fed would not adjust rates at its next meeting.
The AI trade also jumped back into the driver’s seat to add momentum. The rebound rally extended into Thursday as investors cheered a cooler-than-expected report that showed wholesale inflation slowed over the prior month. Falling oil prices also gave stocks a boost.
While stocks slipped slightly on Friday, the S&P 500 and Nasdaq each logged their third consecutive winning week.
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