A preliminary reading on the University of Michigan's consumer sentiment index fell to a six-month low of 57.7. Economists polled by the Dow Jones expected a May reading of 63.0. The survey also showed the outlook for inflation over the next 5 years climbed to 3.2%, tying the highest clip since June 2008.
Investors are also keeping an eye on Washington as concern around debt ceiling negotiations persisted. CNBC reported that a debt ceiling meeting between President Joe Biden and congressional leaders that was set for Friday was postponed to next week.
"None of the sectors are making convincing moves in either direction, reflecting a general lack of conviction in the market," said Joe Cusick, portfolio specialist and senior vice president at Calamos Investments.
The S&P 500 and Dow fell for a second consecutive week, down 0.29% and 1.11%, respectively. The Nasdaq gained 0.4%.
In the world of regional banks, PacWest fell 2.9%. PNC lost roughly 1%, and Zions Bancorporation closed 1.1% lower. On Thursday, regional banks dropped after PacWest said its deposits fell sharply last week.
Meanwhile, weaker-than-expected wholesale prices data issued Thursday, a sign of easing inflation, failed to shield investors from ongoing concerns of a downturn — particularly as a handful of stocks continue to carry the market.
Import prices were 0.4% month over month in April, the Bureau of Labor Statistics said Friday, marking the first rise so far in 2023. Economists polled by Dow Jones were expecting a 0.3% rise last month, compared to the decline of 0.8% the prior month.
Lea la cobertura del mercado de hoy en español aquí.
Correction: Import prices declined 0.8% in March. An earlier version of this story misstated the figure.
