NEW YORK (Reuters) – The New York Stock Exchange ended lower on Friday after initial gains, as the release of PCE inflation data and a tense political environment in the wake of the presidential debate, while Nike shares tumbled.
The Dow Jones index fell 0.11%, or 41.12 points, to 39,122.94 points.
The broader Standard & Poor’s 500 lost 22.57 points, or 0.41% to 5,460.30 points.
The Nasdaq Composite fell by 126.08 points, or 0.71%, to 17,732.60 points.
The Department of Commerce published figures for PCE inflation in the United States which stabilized in May over one month and slowed to 2.6% over one year.
Following the release of this statistic, the probability of a rate cut by the Federal Reserve (Fed) in September rose to 68% from 61% previously.
The televised debate between Joe Biden and his rival Donald Trump also weighed on trading, according to Thomas Martin, portfolio manager at Global Investment, citing the White House tenant’s feverish performance.
“People are trying to figure out what’s going to happen with the presidential election. This debate has helped increase uncertainty, not reduce it,” he said.
In terms of values, Nike plunged 19.98% after announcing that it anticipated a drop in its turnover for the 2025 financial year.
(Paris editorial)
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