NEW YORK, June 28 (Reuters) – The New York Stock Exchange ended lower on Friday after initial gains, as the release of PCE inflation data and a tense political environment in the wake of the presidential debate, while Nike shares tumbled.
The Dow Jones index fell 0.11%, or 41.12 points, to 39,122.94 points.
The broader Standard & Poor’s 500 lost 22.57 points, or 0.41% to 5,460.30 points.
The Nasdaq Composite fell by 126.08 points, or 0.71%, to 17,732.60 points.
The Commerce Department released figures on U.S. PCE inflation, which stabilized in May on a monthly basis and slowed to 2.6% on a year-over-year basis.
After the publication of this statistic, the probability of a rate cut by the Federal Reserve (Fed) in September increased to 68% from 61% previously.
The televised debate between Joe Biden and his rival Donald Trump also weighed on exchanges, according to Thomas Martin, portfolio manager at Global Investment, citing the feverish performance of the tenant of the White House.
“People are trying to figure out what’s going to happen with the presidential election. This debate has helped increase uncertainty, not reduce it,” he said.
In terms of values, Nike plunged 19.98% after announcing that it anticipated a drop in its turnover for the 2025 financial year.
(Paris editorial)
