Wall Street retreats after rally as markets gauge hawkish Fed, cooling economy

by Lisa Pauline Mattackal and Johann M Cherian, Reuters

U.S. stock indexes fell on Friday, with the Nasdaq and the S&P 500 slipping from record highs as investors booked profits and weighed hawkish Federal Reserve projections against slowing economic data.

Limiting losses on the tech-heavy Nasdaq, Adobe (ADBE.O), opens new tab jumped 14.5 % and was on track to mark its biggest one-day jump in four years after the company raised its annual revenue forecast on more demand for its AI-powered software.

The Nasdaq (.IXIC), opens new tab and S&P 500 (.SPX), opens new tab were set for their first session in the red this week, after both notching four consecutive record closing highs.

“What we’re seeing is some mild profit taking, we’ve had a good run up and set record highs almost every day this week,” said Peter Cardillo, chief market economist at Spartan Capital Securities.


continue reading »