Stock market today: Stocks edge lower on Wall Street, ending a 3-week winning streak for the S&P 500

Stocks drifted lower on Wall Street, erasing the S&P 500’s gains for the week. The S&P 500 slipped 0.4% Friday, but remains close to the record high it set last week. The Nasdaq composite fell 0.7% and the Dow slipped 0.1%. Nike dropped 20% after the shoe and athletic wear company missed Wall Street’s revenue targets and cut its full-year sales guidance. Company executives said they expect sales to decline by single digits in the current fiscal year, citing a “challenging” environment.

“It's moving in the right direction and this is what the Fed needs to make a decision to cut rates,” said Quincy Krosby, chief global strategist for LPL Financial. The Fed raised interest rates to their highest level in more than two decades in an effort to tame inflation back to its 2% target. Other measures of inflation, including the well-known consumer price index, have also confirmed that pressure on prices has been easing.

The strong jobs market has been another big factor driving economic growth, but that has also shown signs of weakening. Wall Street will get updates on job openings, unemployment, and hiring next week.

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