U.S. stocks closed lower on Friday, with an early rally losing steam as investors processed stable inflation data and political uncertainty following the presidential debate. Nike experienced its steepest one-day fall in over two decades after issuing a bleak revenue forecast.
The Commerce Department reported unchanged monthly inflation in May, boosting hopes for a “soft landing” for the economy. However, the debate between President Joe Biden and Donald Trump raised concerns about the political landscape, contributing to market jitters.
The S&P 500 fell 0.43% to 5,460.70, the Nasdaq Composite dropped 0.73% to 17,728.68, and the Dow Jones Industrial Average declined 0.14% to 39,109.95. Nike’s sharp decline impacted the broader consumer discretionary sector, while Infinera saw a significant jump after Nokia announced plans to acquire the company.
