U.S. Stocks Finish Lower, Extending Weekly Losses

The second half of 2023 began with a downtrend in the U.S. stock market, as all three major indexes experienced a weekly loss. Closing data from FactSet reveals that the S&P 500 (SPX) declined by 0.3% or 12.55 points, reaching 4,399.04, resulting in a weekly loss of 1.2%, marking its largest decline since the previous week[^1^].

Meanwhile, the Nasdaq Composite (COMP) also dipped by 0.1% or 18.33 points to settle at 13,660.72, reflecting a weekly drop of 0.9%[^1^]. The Dow Jones Industrial Average (DJIA) witnessed a decline of 0.6% or 187.25 points, finishing the week at 33,735.01, amounting to a 2% decline[^1^].

Notably, the energy sector stood out in the market on Friday, as the S&P 500 energy sector observed a gain exceeding 2%. This surge was propelled by the significant increase in crude-oil prices, marking the largest weekly jump seen in three months[^1^]. In addition to this, small-cap stocks demonstrated a positive performance, with the Russell 2000 rising by 1.3% or 24.67 points to reach 1,866.90. However, despite this rebound on Friday, the Russell 2000 still experienced a weekly drop of 1.1%[^1^].

Investors closely examined the June jobs report released by the Department of Labor on Friday. The report indicated a deceleration in the pace of job creation during the previous month, while wage growth, an essential factor influencing inflation, remained persistently high[^1^].

[^1^]: Source: FactSet.

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