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Stock market today: Live updates

Stock market today: Live updates

A trader works on the floor of the New York Stock Exchange (NYSE) in New York, US, on Monday, March 20, 2023.

Michael Nagle | Bloomberg | Getty Images

The S&P 500 fell Friday as concerns around the U.S. economy and regional banks dampened investor sentiment.

The Dow Jones Industrial Average traded 122 points lower, or 0.4%. The Nasdaq Composite fell 0.7% while the S&P 500 slipped about 0.5%

A preliminary reading on the University of Michigan’s consumer sentiment index fell to a six-month low of 57.7. Economists polled by the Dow Jones expected a May reading of 63.0. The survey also showed the outlook for inflation over the next 5 years climbed to 3.2%, tying the highest clip since June 2008.

Investors are also keeping an eye on Washington as concern around debt ceiling negotiations persisted. CNBC reported that a debt ceiling meeting between President Joe Biden and congressional leaders that was set for Friday was postponed to next week.

“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.

The S&P 500 and Dow are headed for their second negative week in a row, down 0.5% and 1.3%, respectively.

Regional bank shares slid, marking another day of declines. The SPDR S&P Regional Banking ETF (KRE) fell 0.4%. Western Alliance slipped 0.4%, while PacWest fell 1.5%. On Thursday, regional banks dropped after PacWest said its deposits fell sharply last week.

Meanwhile, weaker-than-expected wholesale prices data, a sign of easing inflation, failed to shield investors from ongoing concerns of a downturn ahead on Thursday — particularly as a handful of stocks continue to carry the market.

Import prices were 0.4% month-over-month in April, the Bureau of Labor Statistics said Friday, marking the first rise so far in 2023. Economists polled by Dow Jones were expecting a 0.3% rise last month, compared to the decline of 0.6% the prior month.

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