Wall St. Slips Further Away From Record Highs

In early trading, stocks retreated further from a record high achieved earlier in the week.

The S&P 500 dropped 0.5%, the Dow Jones Industrial Average declined by 53 points, or 0.1%, while the Nasdaq slipped by 0.7%. I Photo: New York Stock Exchange Facebook

The S&P 500 dropped by 0.5% on Friday, according to Damian J. Troise's report for the Associated Press (AP). The Dow Jones Industrial Average declined by 53 points, or 0.1%, while the Nasdaq slipped by 0.7%.

Meanwhile, treasury yields in the bond market saw a slight increase. This comes after a week filled with significant economic reports indicating that although inflation is moderating overall, it remains higher than anticipated.

Such reports have prompted concerns regarding the Federal Reserve's next steps on interest rates, although Wall Street still anticipates the potential for a rate cut in June.

In Asian trading, Tokyo’s Nikkei 225 fell by 0.3% to 38,707.64. Notably, shares in automakers Honda and Nissan saw gains ahead of an announcement revealing their collaboration in electric vehicles and auto intelligence technology. Honda Motor Co. rose by 1.7%, while Nissan Motor Co. surged by 3.2%.

On the other hand, South Korea's Kospi experienced a 1.9% decline to 2,666.84. In Hong Kong, the Hang Seng dropped by 1.4% to 16,720.89 following reports of continued housing price declines since February.

However, the Shanghai Composite index managed to gain 0.3%, reaching 3,054.64.

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