Stocks on Wall Street gave up early gains and finished lower Friday, ending a three-week winning streak for the S&P 500. Despite a flurry of selling late in the day, the S&P 500 and the Nasdaq remain near their all-time highs, per the AP:
- The Dow fell 45.20 points, or 0.1%, to 39,118.86.
- The S&P 500 fell 22.39 points, or 0.4%, to 5,460.48. That leaves it up 3.5% for June.
- The Nasdaq fell 126.08 points, or 0.7%, to 17,732.60.
A pullback in big technology stocks, which have been big winners in the market's record-breaking runup, weighed on the market. Apple fell 1.6%, Microsoft lost 1.3%, and Meta Platforms ended 3% lower. The burst of selling may reflect traders taking profits, with the market near all-time highs, or a rebalancing of their portfolios as the second quarter comes to a close, said Ross Mayfield, investment strategy analyst at Baird. "It wouldn't surprise me at all if there was some profit-taking today," Mayfield said, adding, "that could be why we're seeing a little bit of additional weakness from big tech versus the rest of the market."
Nike tumbled 20% for the biggest decline among S&P 500 stocks after the shoe and athletic wear company missed Wall Street's revenue targets and cut its full-year sales guidance. Company executives said they expect sales to decline by single digits in the current fiscal year, citing a challenging environment. Nike's dour outlook dragged other athletic apparel companies down with it. Foot Locker fell 2.4%, Skechers lost 1%, and Under Armour dropped 2.6%. (More stock market stories.)
,
uBlock 
,
and
Ghostery 
)
