Key Takeaways
- The Dow fell 0.3% after debt ceiling negotiations on Capitol Hill broke down.
- Index finishes the week higher, breaking a two-week losing streak.
- Nike stumbles after Foot Locker stokes worries over sneaker sales.
- Tech stocks Cisco Systems, Intel, and IBM moved higher.
The Dow Jon♌es Industrial Average fell 0.3%, or 109 points, after Republican lawmakers walked out of debt ceiling talks, raising concerns that 🐲the U.S. government could run out of cash by June 1.
Despite Friday's dip, the Dow finished the week up 0.4%, breaking a two-week losing streakܫ. The S&P 500 and Nasdaq also fell Friday but, like the Dow, ended the week in th꧑e green, rising 1.7% and 3% respectively.
Cisco Systems (CSCO) was the Dow's best performer, rising 1.9% after its earnings and🧸 revenue in the most recent quarter topped analyst estimates.
Merck & Co. (MRK) moved up 1.3%. Chevron (CVX) moved higher by 0.75%, helping to make energy the day's best-performing sector. And while the tech sector ticked downward slightly, IBM (IBM) and Intel (INTC) rose 0.9% and 0.8%, respectively.
Nike (NKE) was the Dow’s worst performer, falling nearly 3.5%, after athletic shoe retailer Foot Locker's (FL) missed sales estimates and lowered its full-year sales outlook. Nike also could face $500 million in fines for misclassifying thousands of workers, according to a Guardian report published yesterday.
Walt Disney (DIS) plunged around 2.6% after Macquarie downgraded tಌhe stock from outperform to neutral, citing declining revenue from its cable channels, slowing park traffic, and the challenges of providing direct-to-conℱsumer content.
Home Depot (HD) fell about 1.5% after posting its 澳洲幸运5官方开奖结果体彩网:worst quarterly saꦏles miss in 20 year✱s earlier this week. The company, like Foot Locker, also lowered its sales🤪 outlook for the yea𓂃r.