U.S. stocks ended slightly lower on Friday, led by weaker megacap shares following their recent rally, as data showed U.S. consumer sentiment dropped to a six-month low.
were among the biggest drags on the S&P 500, along with Tesla. The technology index is still up about 22% so far this year.
"They've had an incredible run, so those valuation concerns are starting to manifest themselves," said Peter Tuz, president of Chase Investment Counsel in Charlottesville, Virginia. "To their credit, they have strong balance sheets, they had decent first quarters, so their businesses seem to be holding up, but there comes a point where valuations do matter."to its lowest since November as a standoff to raise the federal government's borrowing cap added to worries about the economic outlook.
Investors are concerned that the Fed's aggressive interest rate hikes could push the economy into recession. Fed Governor Michelle Bowman said Friday the Fed will probably need to raise rates further if inflation stays high.
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