US stocks opened Friday on a lower note, unable to extend the momentum from the previous day’s surge. The S&P 500 edged down by 0.3%, the Dow Jones Industrial Average slipped by 0.2%, and the Nasdaq Composite, known for its tech-heavy constituents, saw a loss of 0.3%.
On Friday, the market shifts were influenced by China’s report of an accelerated economic growth last month, alleviating apprehensions surrounding the global economy’s second-largest powerhouse. Meanwhile, in the United States, the United Auto Workers union made history by commencing a strike at specific plants belonging to the Big 3 automakers.
Investor attention remained keenly focused on British chipmaker Arm, which made its public market debut a day prior, witnessing an impressive surge of nearly 25%. Arm’s stock showed further resilience on Friday, climbing by 5%, providing an additional pillar of support to the markets.
Earlier in the day, Wall Street benchmarks received a boost from retail sales and wholesale price inflation figures for August, which surpassed expectations. The Federal Reserve referenced this data in its assessment, hinting at the potential for further rate hikes. However, the Fed is widely perceived as orchestrating a controlled deceleration of the U.S. economy.
The recent upswing in oil prices continued to exert influence, with both West Texas Intermediate (WTI) and Brent futures retracing from the two-year peaks reached on Thursday. Investors remain vigilant about developments in the energy sector and their implications for the broader market.
In conclusion, US stocks opened lower with Friday’s market activity coming on the heels of a robust rally the previous day, during which both the S&P 500 and Nasdaq Composite notched record intraday highs. Overall, investors maintain a guarded optimism following a turbulent summer, relying on stock market news and comprehensive analysis to inform their trading strategies.
Source: Yahoo Finance
