Major tech-heavy indices edged lower from record highs by midday Friday in New York, as investors adopted a cautious stance ahead of the Trump-Putin meeting and after data showed a dip in consumer confidence alongside mounting inflation concerns.
Wall Street struggled to extend record highs on Thursday, as investors opted to lock in profits and adopt a more cautious stance after U.S. producer inflation posted its largest increase in three years.
Tech-heavy indices were little moved on Wednesday, while small caps and blue chips surged as investors rotated into lagging names, signaling a broadening market rally.
Wall Street is in full rally mode after July’s inflation data eased fears that tariff-related cost pressures were widespread. The headline Consumer Price Index (CPI) came in below expectations, holding steady at 2.7% year-over-year and fueling speculation of upcoming interest rate cuts.
U.S. equities slipped midday Thursday as corporate earnings and fresh tariff announcements from President Donald Trump drove divergent moves in heavyweight names.
U.S. stocks rebounded sharply on Wednesday, fully erasing last Friday's losses, as upbeat corporate earnings and renewed investor optimism outweighed concerns over escalating trade tensions.
It's a rough start to the new month for Wall Street, as major U.S. stock indices plunged by midday Friday, setting the stage for a negative weekly close.
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