Stocks closed lower Friday, with the S&P 500 and Dow industrials logging weekly losses, after the University of Michigan survey showed consumer sentiment souring.
“From the market standpoint, that does help alleviate some pressure,” said Shaniel Ramjee, a multiasset fund manager at Pictet Asset Management.
Major indexes ended lower. The S&P 500 fell 0.2%, the Nasdaq Composite was down 0.4% and the Dow industrials were roughly flat.
Consumer sentiment tumbled. The University of Michigan’s consumer-sentiment index fell to 57.7 in mid-May, from 63.5 in April.
Tesla ended lower, giving up early gains. Elon Musk announced that he had a new CEO for Twitter, easing concerns that his attention at Tesla is divided.
Regional bank stocks wavered. PacWest was back in negative territory, ending down 3%, after rising earlier in the day. That followed a nearly 23% plunge Thursday.
Debt ceiling watch: The Congressional Budget Office said the U.S. government faces a significant risk that it won’t be able to pay all of its bills in the first two weeks of June unless the federal borrowing limit is increased.
Bond yields were little changed. The benchmark 10-year Treasury yield reached 3.461%, up from 3.396% the previous day.
Global stock markets were mixed. Hong Kong’s Hang Seng Index fell 0.6%, while Japan’s Nikkei 225 added 0.9% and the Stoxx Europe 600 rose 0.4%.
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May 13, 2023 at 04:22AM
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Stock Market Today: Dow, S&P 500 Head for Weekly Losses; PacWest Stock Falls - The Wall Street Journal
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