On Friday, stocks struggled to find direction as tech megacaps fell again and economic data was mixed. Bond yields increased.
The S&P 500 finished with a small loss in a choppy trading session. The Nasdaq 100 had its longest weekly losing streak of the year, hovering around 15,000 points. It last fell below that level in June. Nvidia, which has more than tripled in value since 2023, has extended a four-day decline to nearly 10%. The Dow Jones Industrial Average rose slightly.
Meanwhile, Friday's economic reports did little to change swap market bets that the Federal Reserve will pause interest-rate hikes next month, with traders expecting the Fed to refrain from declaring victory over inflation.
Despite higher petrol and grocery prices, consumer inflation expectations fell unexpectedly in early August, according to the University of Michigan. Meanwhile, producer prices rose faster than expected last month, owing primarily to increases in certain service categories.