Traders work on the floor of the New York Stock Exchange on June 18, 2024.
Spencer Platt | Getty Images News | Getty Images
U.S. stocks ticked down Friday as traders digested fresh economic data that indicated slowing inflation, as well as better-than-expected consumer sentiment figures. Traders also wrapped up a strong first half of 2024.
The S&P 500 slid 0.41% to close at 5,460.48, while the Nasdaq Composite declined 0.71%, ending at 17,732.60. The two averages hit new all-time intraday highs earlier in the session before pulling back. The Dow Jones Industrial Average dropped 45.20 points, or 0.12%, to settle at 39,118.86.
Inflation in May slowed to its lowest annual rate in more than three years, the Commerce Department reported on Friday. The core personal consumption expenditures price index, which excludes the more volatile food and energy prices, rose just 0.1% last month and 2.6% from the prior year. Both estimates were in line with the Dow Jones consensus estimates. The core PCE index is the Federal Reserve’s preferred inflation measure. Headline PCE, which includes food and energy, was flat on the month and up 2.6% on an annual basis, also in line with expectations.
“From the market’s perspective, today’s PCE report was near perfect,” said David Donabedian, chief investment officer of CIBC Private Wealth U.S. “This was unambiguously a positive report.”
The University of Michigan consumer sentiment index for June came in higher than expected, rising to 68.2 from the…
