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Stocks remain close to their records this weekend | The Arkansas Democratic Gazette

Stocks remain close to their records this weekend |  The Arkansas Democratic Gazette
Stocks remain close to their records this weekend |  The Arkansas Democratic Gazette

 


NEW YORK — U.S. stocks closed out their latest winning week on Friday, as Nvidia's stock continued to cool off after its hot streak.

The S&P 500 slipped 0.2%, but remained near its all-time high set Tuesday and capped its eighth winning week in the last nine.

The Dow Jones Industrial Average edged up 15 points, or less than 0.1%, while the Nasdaq composite fell 0.2%.

Nvidia stock lagged the market again after falling 3.2%.

The company's shares have soared more than 1,000% since October 2022 on frenzied demand for its chips, which power much of the world's shift toward artificial intelligence technology, and it briefly supplanted Microsoft this week as the most valuable company on Wall Street.

But nothing goes up forever, and Nvidia's declines over the past two days sent its stock to its first losing week in the last nine.

Much of the rest of Wall Street was relatively quiet, except for a few outliers.

Shares of Sarepta Therapeutics jumped 30.1% after U.S. regulators approved the use of its drug for children with Duchenne muscular dystrophy who are at least 4 years old.

Gunmaker Smith & Wesson Brands fell 12.9% despite profit for the latest quarter being higher than analysts expected. Summer is traditionally a quieter season for guns, according to CEO Mark Smith.

Shares of Trump Media & Technology Group recovered from an initial loss and rose 3.4%, narrowing their loss for the week to 25.3%.

The company behind Donald Trump's Truth Social platform has seen its shares drop by nearly half since the former president's conviction in late May on charges in a scheme to illegally influence the 2016 election by paying money. hush money to a porn actor who said the two had sex. .

Overall, the S&P 500 fell 8.55 points to 5,464.62. The Dow Jones Industrial Average rose 15.57 to 39,150.33 and the Nasdaq composite fell 32.23 to 17,689.36.

In the bond market, U.S. Treasury yields initially fell after a report suggested that trade activity among countries using the euro was weaker than economists expected.

Concerns are already high for the continent in the run-up to French elections which could further shake the financial markets.

The weak economic activity report weighed on yields in Europe, which initially weighed on Treasury yields.

But U.S. yields recovered much of those losses after another report indicated later in the morning that U.S. business activity could be stronger than expected.

Overall output growth rose to its highest level in 26 months, according to preliminary figures from S&P Global on activity at U.S. manufacturing and service companies.

Perhaps more important for Wall Street is that this strength could occur without a concomitant increase in inflation pressures.

“Historical comparisons indicate that the latest decline aligns the survey's price gauge with the Fed's 2% inflation target,” according to Chris Williamson, chief economist at S&P Global Market Intelligence.

The yield on the 10-year Treasury note rose to 4.25% from 4.26% Thursday evening.

The two-year Treasury yield, which more closely tracks expectations for Fed action, fell to 4.73% from 4.74%.

In overseas stock markets, European stocks fell after weak continental economic reports, and many Asian indexes also fell.

Hong Kong's Hang Seng fell 1.7% and South Korea's Kospi fell 0.8%.

Information for this article was provided by Yuri Kageyama and Alex Veiga of The Associated Press.

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