S&P, Dow Suffer 2nd Downward Week

The S&P 500 fell Friday as concerns around the U.S. economy and regional banks dampened investor sentiment.

The Dow Jones Industrial Average came off their lows of the afternoon, but still finished 8.89 points below breakeven to 33,300.62.

The much-broader index lost 6.5 points to 4,124.12.

The NASDAQ Composite ditched 43.76 points to 12,294.74.

The S&P 500 and Dow are headed for their second negative week in a row. The S&P down 0.3%, while the Dow has faded 1.1%.
The tech-heavy NASDAQ managed to gain 49 points, or 0.4%, on the week.

Western Alliance slipped 0.4%, while PacWest fell 1.5%. On Thursday, regional banks dropped after PacWest said its deposits fell sharply last week.

A preliminary reading on the University of Michigan’s consumer sentiment index showed a decline to 57.7 in May. Economists polled by the Dow Jones are expecting a May reading of 63.0, which would be lower than the level of 63.5 in the previous reading. The survey also showed the outlook for inflation over the next five years climbed to 3.2%, tying the highest clip since June 2008.

Import prices were 0.4% month-over-month in April, marking the first rise so far in 2023. Economists polled by Dow Jones were expecting a 0.3% rise last month, compared to the decline of 0.6% the prior month.

Prices for the 10-year Treasury withered, hoisting yields to 3.46% from Thursday’s 3.38%. Treasury prices and yields move in opposite directions.

Oil prices declined 72 cents to $70.30 U.S. a barrel.

Gold prices gave back three dollars to $2,017.50 U.S. an ounce.