Investing.com – The S&P 500 took a breather on Friday, retreating from recent record highs after a decline in consumer sentiment, but maintained momentum to end the week higher following recent data showing a cooling in inflation.
At 3:11 pm ET (1911 GMT), the index was down 81 points, or 0.2%, and was down 0.1% at 5,426.59, after hitting a record high of 5,447.25 earlier this week. The growth was 0.1%.
Consumer sentiment has suffered
The University of Michigan’s preliminary reading fell to 65.6 in June from 69.1 a month earlier, while one-year and five-year inflation expectations fell to 2.9% and 2.8% from 3.1% and 2.9% the previous year. month. respectively.
Preliminary annual inflation expectations remained unchanged at 3.3% for the month in June, although higher than the 3.2% expected.
However, bets that inflation will cool further this week picked up steam after a surprise fall in May and slowed more than expected, raising optimism that a disinflationary trend is underway that will likely lead to lower interest rates by the end of the year. .
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(Peter Nurse and Ambar Warrick contributed to this article.)