Wall Street Drifts Lower Friday 12/01 09:19
Stocks drifted lower in morning trading on Wall Street Friday as the market
comes off its best month in more than a year.
NEW YORK (AP) -- Stocks drifted lower in morning trading on Wall Street
Friday as the market comes off its best month in more than a year.
The S&P 500 slipped 0.1%. The Dow Jones Industrial Average rose 57 points,
or 0.2% to 36,011 as of 10:01 a.m. Eastern. The Nasdaq fell 0.3%.
Big communication and technology companies were the heaviest weights on the
market. Chipmaker Intel fell 2.4% and Google's parent company, Alphabet, fell
Wall Street had a mixed batch of late earnings reports and financial updates
to review. Computer maker Dell fell 5.3% after giving investors a
weaker-than-expected revenue forecast. Beauty products retailer Ulta Beauty
rose 12% after reporting results that beat estimates.
Investors were dealing with an otherwise quiet day in a week that included
some key economic reports. Treasury yields held steady and crude oil prices
were relatively stable. European markets were slightly higher and Asian markets
closed mostly lower.
Markets marched steadily higher through much of November as investors grew
hopeful that the Federal Reserve is finally done raising interest rates in its
fight to control inflation. Recent economic data supports that view.
On Thursday, the Fed's preferred measure of inflation showed a cooling last
month. Inflation has been easing overall since the middle of 2022 when the Fed
started aggressively raising its benchmark interest rate.