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US stocks lost some steam on Friday after consumer sentiment hit a six-month low.
The Dow Jones Industrial Average (^DJI), which is eyeing its eighth straight win, clung to gains of roughly 0.2%, with the benchmark S&P 500 (^GSPC) hovering above the flatline on the heels of closing above 5,200 for the first time in a month. The tech-heavy Nasdaq Composite (^IXIC) declined around 0.1% after initially opening higher to start the trading day.
The latest University of Michigan consumer sentiment survey released Friday revealed a 13% drop in overall sentiment during the month of May. The index reading for the month came in at 67.4, its lowest level in six months, and well below economist expectations of 76.2.
The drop in sentiment comes as investors debate the future of interest rate cuts amid recent signs of a cooling labor market.
Federal Reserve Governor Michelle Bowman said Friday she believes interest rates need to stay where they are "for a bit longer," echoing similar sentiments made by other Fed officials in recent weeks.
On the corporate front, TSMC (TSM) shares popped after the Taiwanese contract chipmaking giant said its sales jumped 60% in April. It credited sustained AI demand paired with a revival in consumer electronics such as smartphones.
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