Wall Street heading for a losing week

Stocks dipped on Friday, with Wall Street on track to post a losing week as a rally that carried the broader market in recent months appeared to run out of steam.

The Dow Jones Industrial Average dipped 139 points, or 0.41%. The S&P 500 slid 0.40%, and the Nasdaq Composite was lower by 0.46%.

All three major averages are set to break multiweek winning streaks. The Dow and S&P 500 have lost more than 1% each since the start of the week. The Nasdaq is also down 1%, on pace to snap an eight-week win streak and post its worst weekly stretch since April.

Investors are definitely exhibiting the renewed fears of a US recession, as well as a global recession. Inflation levels remain elevated and Federal Reserve policy definitely remains the investor narrative.”

The pullback was broad-based with more than 460 S&P 500 stocks trading in negative territory. Information technology was the biggest laggard, down more than 1%. Notably, shares of Nvidia, a major AI beneficiary, were down 2%.

Meanwhile, Goldman Sachs declined after CNBC reported the investment bank likely faces a large writedown for its 2021 acquisition of fintech firm GreenSky. The stock was down about 1%, weighing on the Dow.

In contrast, CarMax shares jumped more than 9% after the used car retailer exceeded first-quarter revenue expectations.