Indexes ease after recent rally, but tech shares still climb
Adobe up after lifting full-year revenue forecast
US consumer sentiment ebbs in June; inflation worries linger
Indexes: Dow down 0.3%, S&P 500 down 0.2%, Nasdaq down 0.04%
Updates to 2:30 p.m. ET
By Caroline Valetkevitch
NEW YORK, June 14 (Reuters) - U.S. stocks edged lower on Friday after a string of record highs, but gains in Adobe and other technology shares limited the decline.
The Nasdaq and S&P 500, which registered their fourth straight record closing highs on Thursday, were still on track for strong gains for the week.
The S&P 500 technology sector .SPLRCT rose 0.5%. AdobeADBE.O shares jumped 14.4%after the company raised its annual revenue forecast on more demand for its AI-powered software.
Investors were also digesting economic data to try to gauge how soon the Federal Reserve might be able to cut interest rates.
Apreliminary reading of the University of Michigan's Consumer Sentiment Index slipped to 65.6 in June, sharply lower than expectations.
On Wednesday, Fed policymakers dialed back their projections for three cuts this year to just one.
"The market is extended and due to pull back," said Adam Sarhan, chief executive of 50 Park Investments in New York. "You've had a big rally this week, led by big-cap tech. Under the surface, we have a lot of areas acting weak."
The Dow Jones Industrial Average .DJI fell 116.28 points, or 0.3%, to 38,530.82. The S&P 500 .SPX lost 10.57 points, or 0.19%, at 5,423.17 and the Nasdaq Composite .IXIC dropped 6.95 points, or 0.04%, to 17,660.61.
The Russell small-cap index .RUT was down 1.8%.
Nvidia NVDA.O shares were up 1.5% in afternoon trading, after briefly surpassing Apple AAPL.O as the second most valuable company in the world.
Declining issues outnumbered advancers on the NYSE by a 2.96-to-1 ratio; on Nasdaq, a 2.69-to-1 ratio favored decliners.
The S&P 500 posted 10 new 52-week highs and 16 new lows; the Nasdaq Composite recorded 24 new highs and 170 new lows.
Fund flows: U.S. equity sector funds Fund flows: U.S. equity sector funds https://tmsnrt.rs/40SDRqx
Additional reporting by Lisa Mattackal and Johann M Cherian in Bengaluru; Editing by Maju Samuel and Richard Chang
Related Assets
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
