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The S&P 500 Index closed down 0.22% on Friday, while the Dow Jones Industrial Average rose 0.08%, and the Nasdaq 100 fell 0.43%. Key economic news included the June Philadelphia Fed business outlook survey remaining unchanged at -4.0, falling short of expectations, and the May index of leading economic indicators declining for the sixth consecutive month by 0.1%.
Investor concerns were fueled by a Wall Street Journal report indicating that a US official hinted at revoking waivers for semiconductor manufacturers in China, which negatively impacted chip makers. Additionally, negative trade tensions escalated when Japan canceled a top-level meeting with the US originally set for July 1. Meanwhile, there are indications of unrest in the Israel-Iran conflict, with hostilities persisting into their eighth day, further adding volatility to the markets.
In stock movements, Lam Research and KLA Corp fell over 2%, while Google’s Alphabet declined more than 3%. Conversely, Kroger shares surged over 9% after beating Q1 EPS expectations at $1.49. GMS Inc saw a significant increase of over 24% amid reports of a bidding war from Home Depot.
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