Stocks edge lower on Wall Street
People pass the New York Stock Exchange on May 28, 2024, in New York. Stocks drifted lower on Wall Street, erasing the S&P 500's gains for the week.
AP Photo/Peter Morgan, File
Stocks drifted lower on Wall Street, erasing the S&P 500's gains for the week.
The S&P 500 slipped 0.4% Friday, but remains close to the record high it set last week. The Nasdaq composite fell 0.7% and the Dow slipped 0.1%. Nike dropped 20% after the shoe and athletic wear company missed Wall Street's revenue targets and cut its full-year sales guidance.
Company executives said they expect sales to decline by single digits in the current fiscal year, citing a "challenging" environment. Treasury yields were mixed in the bond market after a closely watched report that showed inflation continues easing.
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