XOM - Wall Street Snaps Five-Week Winning Streak Economic Growth Slows Inflation Holds Steady In April: This Week In The Market | Benzinga
The U.S. stock market ended a five-week positive streak as investors feared that slowing economic momentum could impact the earnings outlook for American corporations.
The U.S. economy grew at an annualized rate of 1.3% in the first quarter, marking a downward revision from the previous estimate of 1.6%.
The Fed's preferred inflation measure remained steady in April, easing some worries about resuming price pressures. Yet, slowing spending and income growth also signaled weakening consumer health, while the Chicago business activity gauge plummeted to its lowest level since May 2020, raising concerns about a potential end-cycle slowdown.
The tech sector, as tracked by the Technology Select Sector SPDR Fund (NYSE:XLK), was the worst performer of the week, while utilities, tracked by the Utilities Select Sector SPDR Fund (NYSE:XLU), outperformed ...