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Stock market today: Wall Street drifts to a mixed close after European stocks slump again

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Stock market today: Wall Street drifts to a mixed close after European stocks slump again
News

News

Stock market today: Wall Street drifts to a mixed close after European stocks slump again

2024-06-15 04:05 Last Updated At:04:10

NEW YORK (AP) — U.S. stocks drifted to a mixed close as caution crept into financial markets heading into the weekend. The S&P 500 slipped less than 0.1% Friday after setting an all-time high every other day this week. The Dow Jones Industrial Average fell 0.1%, while the Nasdaq composite edged up 0.1%, marking another all-time high. Losses were sharper across the Atlantic, where European stocks have been rocked by the results of recent elections on the continent. France’s CAC 40 stumbled to its worst week in more than two years. Treasury yields eased following a report on U.S. consumer sentiment.

THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below.

NEW YORK (AP) — U.S. stocks are drifting around their record levels on Friday as caution creeps into financial markets heading into the weekend.

The S&P 500 was edging 0.1% lower in late trading and on track for its first day this week where it did not set an all-time high. The Dow Jones Industrial Average was down 85 points, or 0.2%, with an hour remaining in trading, and the Nasdaq composite was holding steady around its record set a day before.

Losses were sharper across the Atlantic, where European markets have been rocked by the results of recent elections on the continent. Wins by far-right parties have raised the pressure on France’s president in particular, and investors worry it could weaken the European Union, stall fiscal plans and ultimately hurt France’s ability to pay its debt. Recent elections have also shaken markets in Mexico, India and elsewhere.

France’s CAC 40 fell 2.7% to bring its loss for the week to 6.2%, its worst in more than two years. Germany’s DAX lost 1.4%.

On Wall Street, RH fell 18.1% after reporting a worse loss for the latest quarter than financial analysts expected. The seller of home furnishings called this “the most challenging housing market in three decades.”

High mortgage rates have hurt the housing market, as the Federal Reserve has kept its main interest rate at the highest level in more than two decades. The central bank is intentionally slowing the economy through high rates, hoping to starve inflation of its fuel.

Cruise-ship operators were among the market's biggest losers after analysts at Bank of America flagged softening price trends for trips. Norwegian Cruise Line dropped 7.5% for the worst loss in the S&P 500, and Carnival fell 7.4%.

Stocks have nevertheless set records as hopes rise that inflation is slowing enough to convince the Federal Reserve to cut interest rates later this year. Big technology stocks, meanwhile, continue to race ahead almost regardless of what the economy and interest rates are doing.

Adobe jumped 14.4% after reporting stronger profit for the latest quarter than analysts expected.

Broadcom rose 3.5% and was headed for a second straight day of gains after reporting better profit than expected and a 10-for-one stock split to make its price more affordable. Nvidia rose 1.9% as the poster child of the rush into artificial-intelligence technology sees its total market value climb even higher above $3 trillion.

In the bond market, U.S. Treasury yields ticked lower after a preliminary report from the University of Michigan suggested sentiment among U.S. consumers failed to improve this month, against economists’ expectations.

Solid spending by U.S. households has been one of the main engines keeping the economy out of a recession, but “assessments of personal finances dipped, due to modestly rising concerns over high prices as well as weakening incomes,” according to Joanne Hsu, director of the Surveys of Consumers.

Perhaps more importantly for financial markets, expectations for upcoming inflation among U.S. consumers don’t seem to be moving much, even if they are relatively high. That’s an encouraging signal that the economy could avoid a self-fulfilling cycle where expectations for higher inflation drive behavior that creates more of it.

The yield on the 10-year Treasury fell to 4.21% from 4.25% late Thursday. It had been as high as 4.60% late last month, before a couple of encouraging reports on inflation.

In stock markets abroad, indexes were mixed in Asia. Japan’s Nikkei 225 rose 0.2% after the country’s central bank held steady on interest rates.

AP Business Writer Yuri Kageyama contributed.

FILE - Specialist James Denaro works at his post on the floor of the New York Stock Exchange on June 12, 2024. Global shares were mixed on Friday, June 14, 2024, after Wall Street touched fresh records, with benchmarks pushed higher by the frenzy over artificial-intelligence technology. (AP Photo/Richard Drew, File)

FILE - Specialist James Denaro works at his post on the floor of the New York Stock Exchange on June 12, 2024. Global shares were mixed on Friday, June 14, 2024, after Wall Street touched fresh records, with benchmarks pushed higher by the frenzy over artificial-intelligence technology. (AP Photo/Richard Drew, File)

FILE - The New York Stock Exchange is shown on June 12, 2024 in New York. European shares are lower and Asian shares ended mixed on Thursday, June 13, 2024, after the Federal Reserve opted to keep its benchmark interest rate unchanged. (AP Photo/Peter Morgan)

FILE - The New York Stock Exchange is shown on June 12, 2024 in New York. European shares are lower and Asian shares ended mixed on Thursday, June 13, 2024, after the Federal Reserve opted to keep its benchmark interest rate unchanged. (AP Photo/Peter Morgan)

FILE - Currency traders watch computer monitors near the screen showing the Korea Composite Stock Price Index (KOSPI), left, the Korean Securities Dealers Automated Quotations (KOSDAQ) and the foreign exchange rate between U.S. dollar and South Korean won at a foreign exchange dealing room in Seoul, South Korea, on May 31, 2024. Asian shares were mixed in muted trading Friday, June 14, 2024, after Wall Street’s continued frenzy around artificial-intelligence technology nudged indexes on Wall Street to more records.(AP Photo/Lee Jin-man, File)

FILE - Currency traders watch computer monitors near the screen showing the Korea Composite Stock Price Index (KOSPI), left, the Korean Securities Dealers Automated Quotations (KOSDAQ) and the foreign exchange rate between U.S. dollar and South Korean won at a foreign exchange dealing room in Seoul, South Korea, on May 31, 2024. Asian shares were mixed in muted trading Friday, June 14, 2024, after Wall Street’s continued frenzy around artificial-intelligence technology nudged indexes on Wall Street to more records.(AP Photo/Lee Jin-man, File)

FILE - People move past an electronic stock board showing Japan's stock prices outside a securities firm in Tokyo, June 7, 2024. Asian shares were mixed in muted trading Friday, June 14, after Wall Street’s continued frenzy around artificial-intelligence technology nudged indexes on Wall Street to more records.(AP Photo/Shuji Kajiyama, File)

FILE - People move past an electronic stock board showing Japan's stock prices outside a securities firm in Tokyo, June 7, 2024. Asian shares were mixed in muted trading Friday, June 14, after Wall Street’s continued frenzy around artificial-intelligence technology nudged indexes on Wall Street to more records.(AP Photo/Shuji Kajiyama, File)

LOND POND, Pa. (AP) — Ryan Blaney popped some bubbly and hopped off a stage in victory lane so he could spray it at all the fans who stuck around to celebrate on a steamy day at Pocono Raceway.

They might need to bust open a few more bottles of the good stuff at Team Penske.

Moments after Blaney slid out of his No. 12 Ford after he secured his second Cup Series win in five weeks, the 2023 NASCAR champion learned that Will Power won the IndyCar race for Team Penske at Iowa Speedway. Penske driver Scott McLaughlin won Saturday at Iowa, giving team owner Roger Penske three wins in two days across 990 miles -- with all directions pointing toward championship runs.

“Penske sweep!” Blaney blurted out.

Pretty impressive.

The pressure is on, though, for the follow-up. NASCAR heads to Indianapolis this week for the anticipated return of the Brickyard 400 on the historic oval at Indianapolis Motor Speedway. The track is owned by Penske, the 87-year-old team owner who already has all three of his NASCAR drivers in the playoffs and has Power and McLaughlin in hot pursuit of points leader Alex Palou for IndyCar's open-wheel crown.

Ask any Penske driver, there’s nothing like winning at Indy.

“The big one is next week,” Blaney said. “How do we kiss the bricks with the captain? That’s like a dream come true for me."

Penske drivers Blaney, Austin Cindric and Joey Logano are on a tear in NASCAR, dating to the June 2 race at World Wide Technology Raceway in Illinois. Blaney appeared to be on his way to his first win of the season in that one until he ran out of fuel with the lead coming to the white flag. No worries. Cindric zipped ahead and earned his first win since the 2022 Daytona 500. Logano won four races later at Nashville Superspeedway and Blaney won the inaugural Cup race last month at Iowa Speedway.

Penske drivers have won four of the last seven Cup races.

Why does that make any of the trio a contender to win a Cup championship? Because Logano won it in 2002 and Blaney followed last season, setting up a nice championship blueprint to follow.

“We’ve won the championship with Joey and Ryan the last two years, and it’s all about using that system to be able to get to the next round each time,” Cindric said. “Whether if that’s winning races late in the playoffs or having enough points, our guys have been able to really execute in that round of eight and propel themselves into a position to be in the championship four.”

Blaney already knows the importance of getting hot late in the season. Blaney turned up his performance last season in the No. 12 Ford in the playoffs. Over the final six weeks, Blaney racked up two wins, two runner-ups and didn’t finish lower than 12th.

At Pocono, he put the field on notice a repeat could be in the works.

“We are in a better spot at this time this year than where we were last year at this point,” Blaney said.

It’s the end that counts, of course.

Penske -- and NASCAR -- is celebrating a new beginning of sorts at Indy. NASCAR will return to the 2.5-mile oval for the traditional Brickyard 400 at Indianapolis this weekend rather than the 2.439-mile road course it used the last three seasons.

The last NASCAR driver to win on Indy’s oval was Kevin Harvick in 2020, who retired at the end of last season. The inaugural Brickyard 400 was held on Aug. 6, 1994, and NASCAR raced on the oval through 2020.

“I’m super excited. I think this was a decision that a lot of drivers wanted,” Hendrick Motorsports driver William Byron said. “I think the track is fun to make laps on. I’m sure it will be tricky with the Next Gen car. Probably a little bit edgy. But I think it will be everything we want as drivers, to be back on the oval with the history that it has.”

Penske driver Josef Newgarden won the Indianapolis 500 in May, giving the owner his trio of NASCAR drivers a chance at a season sweep.

The 30-year Blaney felt at Pocono like he had come full circle on the tri-oval track after winning at the site of his first Cup win in 2017. He will take wins at any track, but there’s just something about Indy.

“We’re going to enjoy this and appreciate it and celebrate it,” Blaney said. “But that is the one we have circled. We don’t even talk about it in our camp. You know that is a huge one for RP. It is full speed ahead for Indy.”

AP auto racing: https://apnews.com/hub/auto-racing

Ryan Blaney crosses the finish line to win a NASCAR Cup Series auto race at Pocono Raceway, Sunday, July 14, 2024, in Long Pond, Pa. (AP Photo/Derik Hamilton)

Ryan Blaney crosses the finish line to win a NASCAR Cup Series auto race at Pocono Raceway, Sunday, July 14, 2024, in Long Pond, Pa. (AP Photo/Derik Hamilton)

Ryan Blaney celebrates his win with a burnout after a NASCAR Cup Series auto race at Pocono Raceway, Sunday, July 14, 2024, in Long Pond, Pa. (AP Photo/Derik Hamilton)

Ryan Blaney celebrates his win with a burnout after a NASCAR Cup Series auto race at Pocono Raceway, Sunday, July 14, 2024, in Long Pond, Pa. (AP Photo/Derik Hamilton)

Ryan Blaney celebrates in the victory lane after winning a NASCAR Cup Series auto race at Pocono Raceway, Sunday, July 14, 2024, in Long Pond, Pa. (AP Photo/Derik Hamilton)

Ryan Blaney celebrates in the victory lane after winning a NASCAR Cup Series auto race at Pocono Raceway, Sunday, July 14, 2024, in Long Pond, Pa. (AP Photo/Derik Hamilton)

Ryan Blaney celebrates in the victory lane after winning a NASCAR Cup Series auto race at Pocono Raceway, Sunday, July 14, 2024, in Long Pond, Pa. (AP Photo/Derik Hamilton)

Ryan Blaney celebrates in the victory lane after winning a NASCAR Cup Series auto race at Pocono Raceway, Sunday, July 14, 2024, in Long Pond, Pa. (AP Photo/Derik Hamilton)

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