The S&P 500 Index ($SPX) (SPY) today is down -0.06%, the Dow Jones Industrials Index ($DOWI) (DIA) is down -0.04%, and the Nasdaq 100 Index ($IUXX) (QQQ) is down -0.16%. June E-mini S&P futures (ESM25) are down -0.04%, and June E-mini Nasdaq futures (NQM25) are down -0.16%.
Stock indexes today are posting modest losses as chip stocks retreat and give back some of this week’s sharp rally. Stocks remained under pressure on mixed US economic news that showed weekly initial unemployment claims were unchanged, and April retail sales rose more than expected, easing recession concerns. Stocks had support, however, as T-note yields declined on a weaker-than-expected US Apr PPI report and the largest decline in six months for Apr manufacturing production. Comments today from Fed Chair Powell were neutral for stocks as he reiterated that the Fed is fully committed to its 2% inflation target.
