Wall Street Edges Down Amid Mixed Earnings and Inflation Concerns
By Yuri Kageyama and Matt Ott, Associated Press
Wall Street experienced slight losses on Friday as corporate earnings revealed mixed results and investors awaited new inflation data from the government. Futures for the S&P 500, Dow Jones, and Nasdaq dipped by 0.1% or less before the market opened.
Among prominent movers, The Gap shares fell 15%, despite surpassing sales and profit targets. Investors expressed concern over potential costs of $250 million to $300 million this year if tariffs on imports persist. Conversely, Ulta Beauty surged 8% following stronger-than-expected earnings and an optimistic full-year outlook.
Investors remained cautious as Alphabet, Google’s parent company, faced legal scrutiny over its monopoly status, with closing arguments imminent. The Commerce Department’s report on consumer spending and the Federal Reserve’s preferred inflation measure, expected to approach the 2% target, heightened market watchfulness.
Internationally, European markets fared well, with France’s CAC 40 rising 0.3% and Germany’s DAX jumping 0.8%. In Asia, Japan’s Nikkei 225 fell 1.2%, influenced by rising inflation data. As energy prices dipped, the oil market saw benchmark U.S. crude at $60.87 a barrel.
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