Summary
Stocks fell on Friday morning amid renewed interest rate and recession concerns following two days of Capitol Hill testimony from Fed Chair Jerome Powell. U.S. business activity data was mixed. S&P Global reported that its flash services sector PMI fell to 54.1 in June from 54.9 in May. The reading above 50 indicated continued expansion and was slightly above the Reuters consensus forecast of 54.0. However, the manufacturing PMI fell to 46.3 from 48.4 in May and missed the consensus forecast of 48.5. On the earnings front, used car retailer CarMax rose 9% after better-than-expected fiscal first-quarter results. The Dow fell 0.5%, the S&P 0.6%, and the Nasdaq 0.9%. Crude oil traded near $68 per barrel, while gold rose $15 to $1939 per ounce.
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Source: finance.yahoo.com