Meanwhile, weaker-than-expected wholesale prices data issued Thursday, a sign of easing inflation, failed to shield investors from ongoing concerns of a downturn - particularly as a handful of stocks continue to carry the market.
On Thursday, regional banks dropped after PacWest said its deposits fell sharply last week. PNC lost roughly 1%, and Zions Bancorporation closed 1.1% lower. In the world of regional banks, PacWest fell 2.9%. The S&P 500 and Dow fell for a second consecutive week, down 0.29% and 1.11%, respectively. "None of the sectors are making convincing moves in either direction, reflecting a general lack of conviction in the market," said Joe Cusick, portfolio specialist and senior vice president at Calamos Investments. CNBC reported that a debt ceiling meeting between President Joe Biden and congressional leaders that was set for Friday was postponed to next week. Investors are also keeping an eye on Washington as concern around debt ceiling negotiations persisted. The survey also showed the outlook for inflation over the next 5 years climbed to 3.2%, tying the highest clip since June 2008. Economists polled by the Dow Jones expected a May reading of 63.0. Personal Loans for 670 Credit Score or LowerĪ preliminary reading on the University of Michigan's consumer sentiment index fell to a six-month low of 57.7. Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit
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