WAL - S&P Dow En Route to 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 tumbled 126.19 points to 33,183.32.
The much-broader index lost 21.36 points to 4,109.26.
The NASDAQ Composite dumped 85.22 points to 12,243.28.
The S&P 500 is headed for its second negative week in a row, losing 0.5%, while the Dow is adding to its losing streak, second downward session in a row, off 1.3%.
Regional banks are still in vogue, as 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, raising yields to 3.45% from Thursday's 3.38%. Treasury prices and yields move in opposite directions.
Oil prices turned south and slipped 57 cents to $70.30 U.S. a barrel.
Gold prices sank $6.30 to $2,014.20 U.S. an ounce.