Stocks dipped lower Friday as Wall Street ended a winning week amid signs of a resilient economy and a pause on rate hikes from the Federal Reserve propelling stocks higher. The Dow Jones Industrial Average fell 100 points, while the S&P 500 Index and Nasdaq Composite slipped 0.4% and 0.7%, respectively.
Here's how the market settled to close out the week:
S&P 500 Index (NYSE: SPY): -0.37% or -16.25 points to 4,409.59
Dow Jones Industrial Average (NYSE: DIA): -0.32% or -108.94 points to 34,299.12
Nasdaq Composite Index (NASDAQ: QQQ): -0.68% or -93.25 points to 13,689.57
Despite the losses on the day, the S&P 500 posted its best performance since March and its fifth positive week in a row -- its first since November 2021. The broader-market benchmark is also up more than 26% from its bear market low from last October.
Meanwhile, the Nasdaq is up over 3% for the week and has risen for eight weeks in a row, marking its best winning streak since 2019. The S&P 500 and Nasdaq have also reached their highest levels since April 2022 this week.
On Friday, the University of Michigan's consumer sentiment index rose to 63.9 in June's preliminary reading, topping estimates for 60.2 according to Bloomberg. Moreover, consumer inflation expectations fell to 3.3% in June --down from 4.2% in the previous month and bringing the gauge to its lowest level since March 2021 -- signaling that consumers are becoming more confident towards inflation.
Elsewhere, Disney (NYSE: DIS) announced a surprise executive shake-up late Thursday, with CFO Christine McCarthy stepping down from her long standing role due to a family medical leave of absence.
McCarthy will be replaced by Kevin Lansberry, current executive VP and CFO of Disney Parks, Experiences and Product, effective July 1. Lansberry will serve as interim CFO until a full-time replacement is found, while McCarthy will remain on the leadership team as a strategic advisor "to ensure a smooth and successful transition," Disney said.
Shares of Virgin Galactic (NYSE: SPCE) rose over 16% on Friday after the company announced plans to begin commercial space operation later this month. The company said in a release: "The first commercial spaceflight, 'Galactic 01', is planned to fly between June 27-June 30, 2023. The second commercial spaceflight, 'Galactic 0.2,' will follow in early August 2023, with monthly spaceflights expected thereafter."
Friday marks the final trading day before a long weekend for Wall Street, with the market closing Monday in observance of Juneteenth. Looking ahead towards next week, traders will be met with more housing and inflation data throughout the week.