US stock indexes gave up an early gain and drifted to a mixed finish, helping give the market its first losing week since early September. The S&P 500 closed little changed after having been up 0.9 per cent earlier in the day.
The benchmark index ended the week 1 per cent lower, ending a six-week winning streak. Wall Street’s six-week winning streak came to an end. Credit: AP The Dow Jones fell 0.
6 per cent and also posted its first weekly loss after six straight gains. The Nasdaq composite eked out a 0.6 per cent gain thanks to gains for several Big Tech stocks.
It extended its winning streak to seven weeks. The Australian sharemarket is set for a dour start to the week, with futures pointing to a dip of 2 points at the open. Both the S&P 500 and the Dow have been generally falling back from record highs set late last week.
The market has been more cautious amid worries that stocks have become too expensive. Higher Treasury yields, which make stocks less appealing to investors, also added more pressure. “There’s a degree of exhaustion following a very steady move higher,” said Mark Hackett, chief of investment research at Nationwide.
“It’s just natural after that kind of move to have a period of sideways movement.” Loading Company earnings reports, which have been mostly solid, continued to be a key focus for investors. The latest round of corporate profit reports could give Wall Street a better sense of whether the high stock prices are justified.
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