For the Nasdaq, Its First Losing Streak of the Year

Benchmark S&P also falls for the week, while the Dow rises
By Newser Editors and Wire Services
Posted Aug 11, 2023 3:16 PM CDT
For the Nasdaq, Its First Losing Streak of the Year
Traders work on the floor at the New York Stock Exchange in New York, Wednesday, July 26, 2023.   (AP Photo/Seth Wenig)

Stocks had a mixed day Friday on Wall Street, as investors reviewed new data for potential clues about the Federal Reserve's next move on rates, per the AP.

  • The benchmark S&P 500 fell 4 points, or 0.1%, to 4,464, for its second losing week in a row.
  • The Dow rose 104 points, or 0.3%, to 35,281.
  • The Nasdaq fell 76 points, or 0.5%, to 13,644, falling two straight weeks for the first time this year, reports CNBC.
  • Both the S&P and the tech-heavy Nasdaq posted losses for the week, of about 0.3% and 1.9% respectively. The Dow gained about 0.6% for the week.

Stocks lost ground in the early going after the Labor Department reported Friday that its producer price index, which measures inflation before it hits consumers, rose 0.8% last month from July 2022. While modest, the increase in wholesale prices could help persuade the Federal Reserve that its work on bringing inflation to heel isn't done. Meanwhile, investors also had their eye on the latest batch of quarterly earnings reports. IonQ jumped 10.9% after the quantum computing technology company raised its full-year guidance after its fiscal second-quarter revenue topped Wall Street's forecasts.

Flowers Foods rose 4.1% after price increases helped drive the bakery goods maker's latest quarterly earnings and revenue, beating analysts' projections. Traders hammered Cano Health, sending its shares 70.5% lower, after the chain of primary care medical centers reported quarterly results that fell short of Wall Street's estimates and said it believes its current liquidity isn't enough to cover the next 12 months. Several major retailers are set to report quarterly results next week, including Home Depot on Tuesday, Target on Wednesday, and Walmart on Thursday.

(More stock market stories.)

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