Wall Street Stumbles After Winning Streak

Following a six-day winning run, Wall Street's major indexes dipped on Friday due to weak housing data. The S&P 500 and Nasdaq aimed for their best week since October. Meanwhile, lower crude oil prices hit the energy sector hardest. Participants await more cues from the Federal Reserve's next meeting.

Following a six-day winning streak, Wall Street's main indexes experienced a downturn on Friday. The S&P 500 and the Nasdaq sought their best weekly performance since October, despite disappointing housing data that weighed down market sentiment.

The decline in single-family homebuilding in July indicated ongoing depression in the housing market at the onset of the third quarter. This was coupled with lower crude oil prices, which severely impacted the energy sector. Nine of the eleven major S&P 500 sectors traded downwards.

U.S. economic indicators showed moderating inflation, suggesting a potential rate cut by the Federal Reserve next month. Investors are now keenly anticipating minutes from the Fed's last meeting and Chair Jerome Powell's economic outlook at the Jackson Hole symposium for further guidance.