US stocks end week mostly lower following downbeat economic data

ISTANBUL

The New York Stock Exchange closed Friday mostly with losses after weak consumer sentiment, retail sales, industrial production figures and a decline in chip stocks.

The Nasdaq lost 0.4%, or 87.69 points, to close at 21,622.98 and the S&P 500 slid 0.29%, or 18.74 points, to 6,449.8.

On the other hand, the Dow rose 0.08%, or 34.86 points, to close at 44,946.12.

The VIX Volatility Index, also known as the “fear index," increased 1.75% to 15.09.

The mostly negative course followed the unexpected drop in US consumer sentiment in August, as a University of Michigan survey showed that the sentiment fell to 58.6 points in August from 61.7 in July.

The decline was mostly attributed to "rising worries about inflation."

Short-term inflation expectations increased to 4.9% in August from the previous month's 4.5%. And the long-term inflation expectations rose to 3.9% in August from 3.4% in July.

Meanwhile, Federal Reserve data showed that the industrial production fell 0.1% on a monthly basis in July, missing estimates.

Retail trade was up 0.5% month-on-month in July, following an increase of 0.9% in June, but missing forecasts of a 0.6% rise.

Separately, US President Donald Trump's meeting with Russian President Vladimir Putin in the state of Alaska is being closely monitored by investors.

Trump reiterated to reporters on his flight to Alaska that he would announce tariffs on semiconductor imports in the coming weeks.

On the corporate side, chip stocks were mostly down at the weekly close. Applied Materials fell 14%, VanEck Semiconductor ETF (SMH) declined 2% and Nvidia dropped 0.86%.

On the other hand, Intel shares continued their upward trend, gaining 2.9% following reports that the Trump administration is negotiating with the government to take a stake in the company.

Health insurer UnitedHealth shares rose nearly 12% after Berkshire Hathaway announced a large stake purchase in the company.