© Reuters. Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., May 11, 2023. REUTERS/Brendan McDermid
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By Caroline Valetkevitch
NEW YORK (Reuters) – U.S. stocks ended lower on Friday, led by weaker big technology-related shares following their recent rally, as data showed U.S. consumer sentiment dropped to a six-month low.
Tesla (NASDAQ:TSLA) Inc shares fell after jumping more than 2% on Thursday, when Elon Musk announced he had found a new chief executive for Twitter.
Musk tweeted Friday he had picked former NBCUniversal advertising chief Linda Yaccarino as Twitter’s new CEO.
The S&P 500 technology sector was lower, with shares of Apple Inc (NASDAQ:AAPL) among the biggest drags. The technology index is still up about 22% so far this year.
“They’ve had an incredible run, so those valuation concerns are starting to manifest themselves,” said Peter Tuz, president of Chase Investment Counsel in Charlottesville, Virginia.
Adding to investor worries, May consumer sentiment dropped to its lowest since November as a standoff to raise the federal government’s borrowing cap fanned worries about the economic outlook.
Investors are concerned that the Federal Reserve’s aggressive interest rates hikes could push the economy into recession.
According to preliminary data, the S&P 500 lost 6.48 points, or 0.16%, to end at 4,124.14 points, while the Nasdaq Composite lost 43.76 points, or 0.35%, to 12,284.74. The Dow Jones Industrial Average fell 8.86 points, or 0.03%, to 33,300.65.
The Congressional Budget Office said on Friday the U.S. faces a “significant risk” of defaulting on payment obligations within the first two weeks of June without a debt ceiling increase.
Among gainers, First Solar Inc (NASDAQ:FSLR) shares jumped after the solar panel maker acquired Sweden’s thin-film solar cell technology firm Evolar AB.
News Corp (NASDAQ:NWSA) shares rallied after the media conglomerate beat Wall Street estimates for third-quarter profit.
Source: Investing.com
