US stocks lost some steam in late morning trading on Friday after rallying the previous day amid signs of a resilient economy that boosted hopes the Federal Reserve could end its rate-hike campaign soon.
But new economic data suggests that might not be the case after The University of Michigan Consumer Sentiment Index showed consumers are slightly more confident about the state of the economy, which could help tilt a "hawkish" Fed closer to a July rate hike.
The June preliminary number came in at 63.9, compared to expectations of 60.5, according to estimates from Bloomberg. The index had dipped to 59.2 last month in its first dip since February.
The S&P 500 (^GSPC) and Dow Jones Industrial Average (^DJI) traded near the flatline, while the technology-heavy Nasdaq Composite (^IXIC) flipped into the red.
Global stocks were getting a lift from growing expectations that China will have to bump up stimulus as its recovery stutters.
But the US bull market could face a test as $4.2 trillion in options expire Friday. That typically leads to portfolio reshuffles, which have led to sudden price swings in the past.
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June 16, 2023 at 11:45PM
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Stocks lose steam as investors digest fresh economic data: Stock market news today - Yahoo Finance
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