US Stocks Slip, S&P 500 Posts 4th Winning Month
US stocks ended lower on Friday as the S&P 500 retreated from from record highs, amid ongoing signs of persistent inflation in the US economy.
The S&P 500 fell 0.6%, the Nasdaq dropped 1.2%, and the Dow lost 92 points, or 0.2%. Core PCE, the Federal Reserve’s preferred inflation gauge, rose 2.9% year-over-year in July, matching expectations but marking the fastest increase since February.
Tech and AI-related shares pressured the market, with Nvidia down 3.4% and Dell falling 8.9% due to competition and higher costs for AI products. Alibaba surged 12.9% on strong cloud computing results, while Caterpillar (-3.6%) and Marvell (-18.6%) declined on tariff and revenue concerns.
Despite Friday’s losses, the S&P 500 and Dow recorded their fourth consecutive month of gains, up 2% and 3% respectively, and the Nasdaq posted a fifth straight monthly rise, adding 1%. Markets will be closed Monday in observance of Labor Day.
Source: Trading Economics