Lucy Harley-McKeown
FTSE 100 and European stocks in the red and US tepid as AI rally stalls
A look at how markets are performing on Friday
The FTSE 100 and European markets finished the week lower in London, while US indices were tepid as AI euphoria, led by chipmaker Nvidia, appears to cool.
The FTSE 100 (^FTSE) was 0.2% lower, while the CAC (^FCHI) and DAX (^FCHI) also pulled 0.2% and 0.3% downwards respectively.
The pan-European STOXX 600 (^STOXX) fell about 0.5%.
Across the pond, the Dow (^DJI) opened 0.1% higher, while the S&P 500 (^GSPC) and Nasdaq (^IXIC) were almost flat.
Thursday's dip in the S&P 500 and Nasdaq registered as notable mainly because it was an anomaly in recent weeks. The S&P had been flying higher, briefly crossing 5,500 for the first time Thursday. But the Nasdaq snapped a streak of seven straight record closes with its loss in the prior session.
The moves come despite a week of broadly positive news for the UK economy. Fresh data showed inflation had hit the Bank of England's target of 2% on Wednesday and the Bank held rates at 5.25%, with split opinions from policymakers about how soon Threadneedle Street should start cutting.
On Friday, retail sales data showed a pick up in consumer spending in May. Sales volumes rose by 2.9% in May 2024, following a fall of 1.8% in April 2024 (revised from a fall of 2.3%).
According to the ONS, sales volumes rose across most sectors, with clothing retailers and furniture stores rebounding.
UK public debt hit £15bn in May, jumping to highest since 1961, ONS data published on Friday showed.
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