After moving sharply higher over the course of the previous session, stocks gave back some ground over the course of the trading day on Friday. A disappointing batch of U.S. economic data weighed on the markets following yesterday's rally.
Gold stocks saw considerable weakness on the day, dragging the NYSE Arca Gold Bugs Index down by 1.7 percent. The losses by gold stocks came despite an increase by the price of the precious metal.
Significant weakness also emerged among biotechnology stocks, as reflected by the 1.6 percent loss posted by the NYSE Arca Biotechnology Index.
Myriad Genetics (MYGN) helped lead the biotech sector lower, falling by 13.8 after yesterday's Supreme Court ruling rejecting patents on naturally-occurring human genes.
Banking stocks also showed a notable move to the downside, resulting in a 1.6 percent drop by the KBW Bank Index. KeyCorp (KEY) and SunTrust (STI) turned in two of the sector's worst performances.
Steel, electronic storage, and oil stocks also came under pressure on the day, moving lower along with most of the other major sectors.
The major averages moved roughly sideways in afternoon trading, stuck firmly in negative territory. The Dow ended the day down 105.90 points or 0.7 percent at 15,070.18, the Nasdaq dropped 21.81 points or 0.6 percent to 3,423.56 and the S&P 500 slipped 9.63 points or 0.6 percent to 1,626.73.
With the losses on the day, the major averages all moved notably lower for the week. The S&P 500 fell by 1 percent, while the Dow and the Nasdaq slid by 1.2 percent and 1.3 percent, respectively.
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Market Analysis
June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.