{"id":47257,"date":"2023-08-11T12:21:36","date_gmt":"2023-08-11T16:21:36","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/dow-clings-to-gain-as-nasdaq-slides-headed-for-first-back-to-back-weekly-loss-since-december\/"},"modified":"2023-08-11T12:21:39","modified_gmt":"2023-08-11T16:21:39","slug":"dow-clings-to-gain-as-nasdaq-slides-headed-for-first-back-to-back-weekly-loss-since-december","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=47257","title":{"rendered":"Dow clings to gain as Nasdaq slides, headed for first back-to-back weekly loss since December"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002390136\" role=\"document\">\n<p>The Dow Jones Industrial Average was clinging to a modest gain Friday as an early rally faded while the S&amp;P 500 index and Nasdaq Composite looked likely to cap off a second straight weekly loss.<\/p>\n<h2>What\u2019s happening<\/h2>\n<ul class=\"articleList\">\n<li>\n      The Dow Jones Industrial Average<br \/>\n        DJIA<br \/>\n       rose by 51 points, or 0.1%, to 35,227. <\/p>\n<\/li>\n<li>\n      The S&amp;P 500<br \/>\n        SPX<br \/>\n       was off by 13 points, or 0.3%, to 4,455. <\/p>\n<\/li>\n<li>\n      The Nasdaq Composite<br \/>\n        COMP<br \/>\n       shed 121 points, or 0.9%, to 13,617. <\/p>\n<\/li>\n<\/ul>\n<p>U.S. stocks were likely to book a weekly loss for the second week running Friday. The S&amp;P 500 has fallen during six of the last nine trading sessions, and is down 0.5%  on the week. If it does finish lower, it would mark the first back-to-back weekly loss since the week ended May 12, according to FactSet data. <\/p>\n<div class=\"paywall\">\n<p>The Nasdaq Composite was on track for its second red week, the first such string of declines since the week ended Dec. 30. <\/p>\n<h2>What\u2019s driving markets<\/h2>\n<p>With the exception of the Dow, which has outperformed this week, U.S. stock indexes were slipping lower Friday after investors received some disappointing data on wholesale-price inflation. The U.S. producer price index rose 0.3% in July, the Labor Department said Friday, up from a revised flat reading in June and the largest gain since January.<\/p>\n<p>The report stoked fears that inflation in the U.S. could rebound following Thursday\u2019s promising report on consumer prices, which showed price growth was subdued at 0.2% for the second month in a row in July. <\/p>\n<p>The PPI data, combined with a lackluster reading on consumer sentiment from the University of Michigan, helped rattle investors who have become too optimistic about the outlook for the U.S. economy and the Federal Reserve\u2019s plans, said Gene Goldman, CIO of Cetera Investments. <\/p>\n<p>He also pointed out that, for the second Friday in a row, the S&amp;P 500 has surrendered its gains heading into the final stretch of trading for the week, suggesting that investors are nervous about holding stock-market exposure over the weekend. <\/p>\n<p>\u201cThe market has been ignoring all the bad news out there, they\u2019ve been too optimistic about a soft landing,\u201d Goldman said during a phone interview with MarketWatch. \u201cThe fact that stocks sold off again on Friday afternoon to me screams \u2018uncertainty.&#8217;\u201d<\/p>\n<p>Investors fears were briefly assuaged after the release of UMich sentiment data. Although it showed consumers\u2019 outlook on the economy has soured slightly since the beginning of August, a separate reading showed inflation expectations one year and five years out had declined. <\/p>\n<p>Americans\u2019 expectations for overall inflation over the next year slipped to 3.3% from 3.4% in July, while expectations for inflation over the next five years declined to 2.9% from 3%.<\/p>\n<p>\u201cI think the consumer sentiment data helped offset some of the negative news from today\u2019s PPI report. However, it looks like the overall uncertainty trend is reasserting itself now that the S&amp;P 500 is back in negative territory,\u201d said Sam Stovall, chief investment strategist at CFRA Research, during a phone interview with MarketWatch.<\/p>\n<p>Rising Treasury yields also added to the pressure on stocks. The 10-year note yield was up 3.8 basis points at 4.140% in recent trade. The yield has risen roughly 10 basis points since the start of August, and it has added about 40 basis points since July 19, FactSet data show. <\/p>\n<p>Stocks have pulled back in the past couple of weeks as rising Treasury yields have weighed on valuations, while earnings reports from the biggest U.S. companies failed to impress investors after such a strong year-to-date rally for the S&amp;P 500 and Nasdaq.<\/p>\n<p>On Thursday, stocks initially rallied after consumer price inflation data were released. However, the market gave up most of its strong post-data gains after San Francisco Fed President Mary Daly said there was more work to be done to lower inflation, and after an auction of 30-year bonds<br \/>\n        BX:TMUBMUSD30Y<br \/>\n       didn\u2019t elicit demand as strong as the 3-<br \/>\n        BX:TMUBMUSD03Y<br \/>\n      and 10-year note  auctions of the previous two days. <\/p>\n<h2>Companies in focus<\/h2>\n<ul class=\"articleList\">\n<li>\n      <strong>UBS <\/strong><br \/>\n        UBSG,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/206994749\/delayed\" class=\"positive\">+4.72%<\/bg-quote><\/p>\n<p>        UBS,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/206172872\/composite\" class=\"positive\">+4.81%<\/bg-quote><br \/>\n       shares rose after the Swiss bank decided to sever the backstop the Swiss government gave to absorb Credit Suisse, a bet there are no hidden skeletons that will emerge that will hurt the bank in the way Countrywide\u2019s acquisition dragged down Bank of America.<\/p>\n<\/li>\n<li>\n      The <strong>iShares MSCI China exchange-traded fund<\/strong><br \/>\n        MCHI<br \/>\n       tumbled as shares of Chinese companies trading in the U.S. sank as property developer Country Garden Holdings Co.\u2019s financial troubles cast a pall on the group. Shares of <strong>Alibaba Group Holding Ltd.<\/strong><br \/>\n        BABA,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/201948298\/composite\" class=\"negative\">-4.28%<\/bg-quote><br \/>\n       and <strong>Nio Inc. <\/strong><br \/>\n        NIO,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/204905836\/composite\" class=\"negative\">-2.93%<\/bg-quote><br \/>\n       sank on the news. <\/p>\n<\/li>\n<\/ul><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/u-s-stock-futures-pause-as-traders-wait-to-see-if-ppi-data-moves-markets-in-a-way-cpi-did-not-2855e1e6?mod=markets\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Dow Jones Industrial Average was clinging to a modest gain Friday as an early rally faded while the S&amp;P 500 index and Nasdaq Composite looked likely to cap off a second straight weekly loss. What\u2019s happening The Dow Jones Industrial Average DJIA rose by 51 points, or 0.1%, to 35,227. The S&amp;P 500 SPX [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":47258,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-47257","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Dow clings to gain as Nasdaq slides, headed for first back-to-back weekly loss since December | iFintechWorld<\/title>\n<meta name=\"description\" content=\"The Dow Jones Industrial Average was clinging to a modest gain Friday as an early rally faded while the S&amp;P 500 index and Nasdaq Composite looked\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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