After seesawing between the negative and the positive territory, major equity indexes in the U.S. finished the last day of the week little changed.
While the recovery seen in crude oil prices helped the energy sector .SPNY gain more than 1%, Amazon.com’s $13.7 billion deal to buy grocer Whole Foods hurt the rival retailers’ shares, weighing on the S&P consumer staples sector .SPLRCS. Shares of retail giants such as Wal-Mart, Target, CVS Health and Costco dropped between 4% and 7%. On the other hand, Amazon shares gained 3.6% while the Whole Foods rallied nearly 30%, helping the indexes recover their daily losses.
In the meantime, the technology sector .SPLRCT closed yet another day with losses, this time 0.2%. Chuck Carlson, chief executive officer at Horizon Investment Services in Hammond, Indiana, told Reuters that more of a pullback needs to be seen to say there is a serious rotation going on as opposed to just some profits coming off the top.
The Dow Jones Industrial Average gained 23 points, or 0.11%, to 21,384.21, the S&P 500 dropped 1.5 points, or 0.06%, to 2,430.50 and the Nasdaq Composite lost 15 points, or 0.24%, to 6,150.49.
Headlines from the U.S. session:
- US Dollar Index ends week marginally lower despite Fed’s rate hike
- US Pres. Trump: Effective immediately, I am cancelling the last Administration’s completely one sided deal with Cuba
- USD: Near a transition from strength to weakness – Wells Fargo
- Fed’s Kaplan: Want to see more evidence of stronger inflation before hiking rates again
- US: Another disappoint in Housing Starts – Wells Fargo
- Fed’s Yellen: 2017 stress tests will have extra info on how Fed conducts qualitative part of test
- Fed’s Kashkari: If Fed is making a mistake, it is a small one, can recover from it
- The New York Fed Staff Nowcast stands at 1.9% for 2017:Q2 and 1.5% for 2017:Q3
- Atlanta Fed: GDPNow model forecast for real GDP growth Q2 of 2017 is 2.9
- UoM: Early June drop of 2.6 points in Sentiment Index masks much larger decline since June 8th