Traders on the floor of the NYSE, May 11, 2023.
Stock futures were all lower on early Friday as Wall Street headed for a losing week.
Investors bought up technology stocks during Thursday’s session after a three-day breather from the market rally, pushing the tech-heavy Nasdaq Composite up 0.95% and shares of Apple to a new all-time high. The S&P 500 added 0.37%, while the Dow Jones Industrial Average lost 4.81 points, pressured by shares of Boeing.
All three major averages are set to break multi-week win streaks. The Dow and S&P 500 have lost 1% and 0.6%, respectively, since the start of the week. The Nasdaq is down 0.4%, on pace to snap an eight-week win streak and post its worst weekly stretch since April.
“The markets have been under a bit of pressure since the press conference and news release of the Fed the other week stating that they are not going to increase interest rates at this time, but are likely to increase rates again 1-2 times later this year,” said Yung-Yu Ma, chief investment strategist at BMO Wealth Management.
These developments have given the market a “breather” as investors “come to terms” with the ongoing outlook for the central bank’s hiking campaign, he added.
A relatively light week for economic data continues Friday with S&P Global PMI composite data for June. Earnings are on deck from CarMax.