US stock indices show mixed weekly performance amid inflation data, Nike's decline
Date
6/30/2024 4:24:11 AM
(MENAFN) Last week saw mixed performances across U.S. stock indices, though they collectively posted gains for the month. Wall Street's primary indexes closed lower on Friday, reversing an early winning streak as investors weighed in on inflation data and the presidential debate between Democrat Joe Biden and Republican Donald Trump. Notably, Nike Inc. shares experienced their worst daily drop in nearly twenty years following a disheartening fiscal outlook.
Data indicated that monthly inflation in the U.S. remained unchanged in May, a positive sign after substantial price increases earlier in the year had cast doubt on the effectiveness of the U.S. Federal Reserve's monetary policy. Despite this, Nike's shares plummeted due to an unexpected forecasted revenue decline for fiscal 2025.
Throughout the week, both the Dow Jones Industrial Average and the S&P 500 indices saw minor declines of 0.08 percent each. In contrast, the Nasdaq index recorded a modest increase of 0.24 percent. On a monthly scale, the Nasdaq emerged as the biggest gainer with a rise of 5.96 percent, followed by the S&P 500 with an increase of 3.47 percent, and the Dow Jones with a gain of 1.12 percent.
In the final trading session on Friday, the S&P 500 fell by 23.17 points, or 0.43 percent, closing at 5,460.48 points. The Nasdaq Composite index dropped by 130.01 points, or 0.73 percent, to 17,732.60 points. Similarly, the Dow Jones Industrial Average declined by 54.11 points, or 0.14 percent, finishing at 39,118.86 points.
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