Stock Market Drifts Lower Erasing Weekly Gains

Stocks on Wall Street experienced a downward trend, with the S&P 500 erasing its gains for the week. The S&P 500 slipped by 0.4% on Friday, although it remains near the record high achieved the previous week. The Nasdaq composite also fell by 0.7%, while the Dow saw a slight decline of 0.1%. Nike faced a significant drop of 20% after missing revenue targets and reducing its full-year sales guidance, anticipating a single-digit sales decline for the fiscal year due to a challenging business environment. On Friday, the S&P 500 closed at 5,460.48, down 22.39 points or 0.4%, while the Dow Jones Industrial Average fell by 45.20 points or 0.1% to 39,118.86. The Nasdaq composite dropped by 126.08 points or 0.7% to 17,732.60, and the Russell 2000 index of smaller companies rose by 9.35 points or 0.5% to 2,047.69. For the week, the S&P 500 decreased by 4.14 points or 0.1%, the Dow by 31.47 points or 0.1%, the Nasdaq increased by 43.24 points or 0.2%, and the Russell 2000 rose by 25.66 points or 1.3%. Year-to-date, the S&P 500 has seen an increase of 690.65 points or 14.5%, the Dow has risen by 1,429.32 points or 3.8%, the Nasdaq has surged by 2,721.25 points or 18.1%, and the Russell 2000 has gone up by 20.62 points or 1%. Despite the recent decline, the overall performance of these major indices indicates a positive trend for the year. The market movements reflect ongoing volatility and the impact of company-specific news on stock prices.