Key Takeaways
- U.S. equities indexes moved lower on April 14, 2023, with a report from the Census Bureau showing a slowdown in retail sales in March.
- The S&P 500 edged downward by 0.2% in Friday’s session, while the Dow and the Nasdaq declined around 0.4%.
- Despite Friday’s losses, all three major indexes still posted gains for the week.
U.S. equities fell after the Commerce Department’s latest report on retail sales showed that spending declined more than expected in March, sparking fresh concerns about the economy’s health.
Outside of financials, most sectors in the S&P 500 declined. Despite losing 100 points today, the Dow still posted gains for the week, the fourth straight week it’s been in the green. The Nasdaq and S&P 500 also rose for the week.
JPMorgan Chase (JPM) was the best-performing stock in the S&P 500 as shares jumped 7.6% after the bank reported record revenue in the first quarter on the back of higher interest rates. Citi (C) and Bank of America (BAC) were also among the top gainers on the index. Utilities, communications, and the consumer discretionary sectors moved into the green in the afternoon.
Drug maker Catalent (CTLT) was the worst-performing stock in the S&P 500, with shares falling over 26% after the company warned that slow production at three of its facilities could affect its results this year. Boeing (BA) shares fell 5.6% on news that it would pause deliveries of its 737 Max airlines due to a parts problem.
Oil futures edged higher, while the price of gold dropped almost 2%. The yield on the 10-year Treasury note climbed, and the U.S. dollar gained against the euro and the yen. Most major cryptocurrencies traded higher, with Bitcoin (BTC/USD) trading over $30,300 and Ethereum (ETH/USD) trading over $2,000.
Investopedia.
Source: https://www.investopedia.com/markets-fall-following-drop-in-retail-sales-7481173?utm_campaign=quote-yahoo&utm_source=yahoo&utm_medium=referral&yptr=yahoo