Stocks fell on Friday as traders digested a slew of earnings results and a new report on consumer spending that came in stronger-than-expected for June. A print on consumer sentiment far disappointed, however, and pointed to increased consumer concerns around inflation.
The S&P 500, Dow and Nasdaq each erased earlier gains to turn negative.
This week, investors have taken in a bevy of new economic data alongside an early batch of second-quarter earnings results. On the economic side, data has been mixed, with core consumer and producer price increases rising by the most in decades as supply chain constraints and labor shortages weigh. Friday’s report on retail sales from the Commerce Department, however, showed a surprise pick-up in the demand side of the economy. U.S. retail sales gained 0.6% month-on-month in June, reversing course after a 1.7% drop in May.
Still, in congressional testimony on Wednesday and Thursday, Federal…