![]() The contract rose $1.16 on Friday to $71.78. crude lost $1 to $70.93 per barrel in electronic trading on the New York mercantile Exchange. Software maker Adobe rose 0.9% after reporting solid financial results and raising its profit forecast. ![]() The preliminary reading from the University of Michigan survey also suggested consumer sentiment is strengthening more than expected.Ĭhemical company Cabot slumped 8.1% after it said soft demand worldwide, and especially in China, will hurt profits this year. ![]() consumers are also paring back their expectations for upcoming inflation. Wall Street is betting on a rate hike at its next meeting on July 25-26.Ī survey Friday suggested U.S. The Fed warned, however, that it could raise rates as often as two more times this year. Last week, the Fed held its benchmark lending rate steady, the first time in 10 straight monthly meetings it hasn’t announced an increase. Health insurance giant UnitedHealth issued a similar warning earlier. Humana dropped 3.9% for one of the S&P 500’s sharpest losses after becoming the latest health insurer to warn about rising costs because of pent-up demand for medical services. The Nasdaq composite fell 0.7% to 13,689.57. The Dow Jones Industrial Average slipped 0.3% to 34,299.12. It is near a 14-month high following a 15% rise this year. On Friday, the S&P 500 declined to 4,409.59 but closed out a fifth straight weekly gain. New Zealand, Singapore, Jakarta and Bangkok also declined.
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