S&P 500 Slips 0.2% After 7,800 Breakthrough as Weak Consumer Data Tempers Third Weekly Gain
Updated
Updated · CNBC · Aug 12
S&P 500 Slips 0.2% After 7,800 Breakthrough as Weak Consumer Data Tempers Third Weekly Gain
3 articles · Updated · CNBC · Aug 12
Summary
The S&P 500 fell 0.2% to 7,785.76 on Friday, while the Nasdaq lost 0.3% and the Dow dropped 107.58 points, ending a record-setting week on a softer note.
A surprise July retail-sales decline and weaker August consumer confidence helped drive the pullback, alongside profit-taking after the index closed at a record and topped 7,800 for the first time on Thursday.
Even with Friday's dip, the S&P 500 posted a third straight weekly gain of 0.4%; the Nasdaq edged up 0.1% for the week, while the Dow finished down 0.6%.
More than 90% of S&P 500 companies have reported second-quarter results, with earnings growth tracking about 50%, reinforcing hopes that resilient profits can offset softer economic data.
Analysts said in-line inflation has eased pressure on the Fed to raise rates, though they warned sustained consumer weakness could challenge forecasts for the S&P 500 to reach 8,100 by year-end.