S&P 500 Edges Down on Week, Still Logs Strong Gain for First Hal

The Standard & Poor's 500 edged down for its first weekly loss since late May, though the index rose almost 15% in the first half of 2024.

The S&P 500 ended Friday's session at 5,460.48, down slightly from last week's closing level of 5,464.62. With this being the only week the market benchmark has been in the red this month, it still logged a 3.5% increase for the month of June.

The index's first-half gain still failed to top last year's first-half increase of nearly 16%.

Revised gross domestic product data this week showed the US economy grew at a slightly faster rate in the first quarter than previously forecast, while inflationary pressures intensified. US consumer spending rose less than expected in May while inflation slowed down at the monthly and annual levels.

The S&P 500's sectors were mixed with advancers and decliners nearly canceling each other out.

Materials and utilities led to the downside with drops of 1.1% each. Other decliners included consumer staples, industrials, technology, health care and financials.