IS IT 4:00 YET? WALL STREET WRAPS UP AN UNIMPRESSIVE WEEK
Wall Street shuffled across the finish line of what felt like a lethargic session, capping a week in which a tech pullback limited gains and exacerbated losses.
The three major U.S. stock indexes showed little conviction in either direction for much of the session, before settling on modest losses for the day.
On a weekly basis, both the S&P 500 and the Nasdaq notched losses, while the Dow and the Russell 2000 posted Friday-to-Friday gains.
Investors have begun to shy away from the big tech momentum names that have helped drive stocks to record highs this year.
Every member of Magnificent Seven group of AI-related megacaps fell on the week, with losses ranging from 1.7% to 8.3%.
The PHLX Semiconductor index NASDAQ:SOX closed 7.9% lower than last Friday's close, logging its largest weekly loss since early April.
On the international stage, while Iran insisted it retains control of the Strait of Hormuz, Israel and Lebanon signed a framework peace deal in a sign that negotiations are trudging along in the right direction.
Oil prices appeared to confirm that's the case. Front-month WTI NYMEX:CL1! and Brent ICEEUR:BRN1! settled down 3.7% and 4.3%, respectively.
Next week, a series of labor market reports on the docket—including JOLTS, ADP and Challenger Gray—will culminate in the Labor Department's June jobs report, due on Friday. Analysts expect the U.S. economy to have added 110,000 jobs this month, leaving the unemployment rate unchanged at 4.3%.
Investors will view the jobs data through a new lens; there's a new Fed Chair in town and he's made it fairly clear that as long as the labor market's solid, elevated inflation has shifted the central bank to a rate-hike bias.
Other notable data next week includes Case Shiller, consumer confidence, construction spending and the Institute for Supply Management's Purchasing Managers' Index (PMI).
Here's your closing snapshot: