Trading this week has been driven largely by earnings reports and speculation over how the latest economic indicators might affect central bank decisions on raising interest rates to rein in inflation.
"In the medium term, however, recessionary concerns remain top of mind," Innes said, adding that "given the ongoing fragility of things, we could see more downside play out in stocks." Several banks also dropped after reporting weaker profits and revenue than expected, including KeyCorp and Zions Bancorp.
Slightly more workers filed for unemployment benefits last week than the week before, a potential signal that a still-strong job market is starting to soften under the weight of much higher interest rates.
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