US stocks end lacklustre week on losing note

Traders work on the floor of the New York Stock Exchange in New York City, on July 15, 2021. PHOTO: REUTERS

NEW YORK (AFP) - Wall Street stocks fell on Friday (July 16), ending a lacklustre week on a negative note amid uncertainty over the outlook for global growth and inflation.

Analysts pointed to profit taking as a factor in Friday's session and throughout the week following records earlier in the month.

The losses pushed all three major indices into the red for the week.

Investors are "continuing to trim winning positions," said analyst Patrick O'Hare, as investors await more clarity on the course of the economy.

The broad-based S&P 500 ended down 0.8 per cent at 4,327.16, taking its weekly losses to around one per cent.

The Dow Jones Industrial Average fell 0.9 per cent to 34,687.85, while the tech-rich Nasdaq Composite Index dropped 0.8 per cent to 14,427.24.

Retail sales rose 0.6 per cent last month, an unexpectedly strong performance as shoppers stepped up purchases at department stores and electronics outlets as pandemic business restrictions ease.

But a survey by the University of Michigan showed consumer confidence weakening, with inflation playing a role in the report that lagged expectations.

Among individual companies, Dow member Intel fell 1.5 per cent following a report in The Wall Street Journal that it is considering a deal to buy speciality semiconductor chip maker GlobalFoundries for about US$30 billion (S$40 billion).

Lordstown Motors suffered another drop, falling 3.9 per cent after disclosing that the Justice Department is investigating the company, confirming earlier news reports.

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