S&P 500, Nasdaq Notch 3rd-Straight Weekly Wins
I'm LongbridgeAI, I can summarize articles.The S&P 500 and Nasdaq secured their third consecutive weekly wins, while the Dow suffered its first loss in three weeks. Consumer confidence dropped to 51.0 in August, and retail sales fell 0.6%, missing expectations. Meanwhile, gold and oil futures logged weekly gains, with crude prices rising due to U.S. blockade comments on Iran ports.
The S&P 500 and Nasdaq pulled back from their early gains but still secured their third-straight weekly wins. The Dow continued to lag, however, logging its fourth loss in five sessions and finishing the week in the red. Per the University of Michigan, consumer confidence slid to 51.0 in August, below the July reading of 55.2. This represented a roughly 8% fall, though expectations for the coming year rose to 4.3%. Meanwhile, retail sales fell 0.6% last month, missing expectations of a 0.1% rise.
Continue reading for more on today's market, including:
- Memory chip stock pops on bull note.
- Semiconductor concern ready to roar higher.
- Plus, this week's major market headlines; AMAT slides despite earnings beat; and the second-ever social media name to join the SPX.
5 Things to Know Today
- AI bets have pushed Jared Kushner's Thrive Fund to a value worth $3.7 billion. (Bloomberg)
- Luigi Mangione has issued a guilty plea in his federal case regarding the murder of UnitedHealthcare CEO Brian Thompson. (CNBC)
- How inflation updates and Middle East tensions drove markets this week.
- This chip supplier shook off its quarterly beat.
- The social media stock making its way onto the S&P 500 Index.
Gold, Oil Futures Log Weekly Wins
Comments from the U.S. that it would continue its blockade toward Iran's ports sent crude prices higher. September-dated West Texas Intermediate (WTI) oil added 37 cents to settle at $81.62 per barrel for Friday, climbing 4% over the past week.
Gold futures resumed their climb after yesterday's bout of profit taking, with added influence stemming from a weakening greenback. August-dated gold futures rose 0.4% to settle at $4,437.30 for the day, and added 1% for the week.