Stocks were little changed on Friday as market leader Nvidia (NASDAQ: NVDA) lost some stream from its artificial intelligence fuelled rally. The Dow Jones Industrial Average ticked over 15 points higher, while the S&P 500 Index and Nasdaq Composite both dipped about 0.2%.
Here's how the market settled to close out the week:
S&P 500 Index (NYSE: SPY): -0.16% or -8.55 points to 5,464.62
Dow Jones Industrial (NYSE: DIA): +0.04% or +15.57 points to 39,150.33
Nasdaq Composite Index (NASDAQ: QQQ): -0.18% or -32.23 points to 17,689.36
For the Week:
The S&P 500 posted an intraday record of 5,505.53 earlier in the trading week and rose 0.6% for the week as the broader market index remains at record highs. The Dow rose 1.45% for its best weekly performance in a few weeks and the Nasdaq settled little changed.
In Economic News:
The U.S. Services and Manufacturing flash PMI readings both rose in the first half of June, the S&P Global reported on Friday, as the U.S. private sector activity continues to improve. The flash services activity index rose to 55.1, marking its highest level in over two years and improving from May's monthly reading of 54.8. For manufacturing, the flash PMI reading came in at a three-month high at 51.7, up 0.4 points from May.
Existing Home Sales declined 0.7% month-to-month in May to a seasonally adjusted, annualized rate of 4.11 million units, the National Association of Realtors (NAR) reported Friday. Sales also declined 2.8% annually. The median sales price for existing homes was $419,300 for the month, up 5.8% year-over-year and marking the 11th straight month of annual gains.
"Home sales refuse to recover," said Lawrence Yun, chief economist at the NAR. "I thought we would see a recovery this spring. We are not seeing it."
In the News:
Sarepta Therapeutics (NASDAQ: SRPT) shares jumped over 30% on Friday after the U.S. Food and Drug Administration (FDA) approved the expanded use of the biotech's gene therapy for Duchenne muscular dystrophy (DMD) called Elevidys for patients 4 years or older who are able to walk and an accelerated approval for those who cannot.
William Blair analyst Tim Lugo estimated Elevidys' potential sales could reach $3 billion in 2025 with peak sales of $5 billion in 2027 with the approval. "Many patients below age 4 are not yet diagnosed but will age into the label, opening the DMD market to all current and future patients who will be eligible for treatment," Lugo wrote in a note to clients, quoted by CNBC.