Wall Street closed out another winning month Friday, even as stocks gave back some of their recent gains, pulling the market below its latest all-time highs.
- The Dow fell 92.02 points, or 0.2%, to 45,544.88, dropping 0.2% for the week.
- The S&P 500 fell 41.60 points, or 0.6%, to 6,460.26, falling 0.1% for the week.
- The Nasdaq fell 249.61 points, or 1.2%, to 21,455.55, ending the week down 0.2%.
"The reason the market is down today is primarily because we are heading into a long weekend, and a lot of traders don't like to have a hefty exposure over a long weekend because of the news that could come out and take them by surprise," said Sam Stovall, chief investment strategist at CFRA. Mixed economic data may also have given traders an excuse to sell and pocket some profits following the market's milestone-setting week, the AP reports. A closely watched measure of inflation showed prices mostly held steady last month, and a survey of consumer sentiment came suggested Americans' worries about the economy and prices intensified since July.
Losses in technology weighed on the market, offsetting gains in health care and other sectors. Dell Technologies slid 8.9% for the biggest decline among S&P 500 stocks a day after the company reported second-quarter revenue that exceeded analysts' expectations, but noted that margin pressures and weakness in PC revenue. Among other tech companies that ended the day in the red: Tech giant Nvidia fell 3.3%, Broadcom dropped 3.6%, and Oracle slid 5.9%. Not all stocks lost ground. Petco Health & Wellness and Autodesk bucked the broader slide after reporting better-than-expected quarterly results. Petco jumped 23.5%, and Autodesk climbed 9.1%.
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