Wall Street slips with mixed data and earnings ahead of Fed week
Wall Street's main indexes closed lower on Friday as investors stepped back while they digested a mixed bag of economic data and earnings reports and prepared for a week filled with economic releases and a Federal Reserve meeting.
The technology sector was the biggest drag on the market as megacap stocks, including artificial intelligence chip leader Nvidia, reversed a sharp rally earlier in the week.
The housing market data was hotter than expected, while an S&P Global survey showed business activity slowing to a nine-month low in January as prices rose. However, firms reported increased hiring, supporting the Federal Reserve's cautious approach to monetary policy this year.
The University of Michigan's final estimate on consumer sentiment dropped to 71.1 from a previous estimate of 73.2.
At the end of a relatively light week for data, traders were betting the Fed would keep borrowing costs unchanged at its Jan. 28-29 meeting and expect its first rate cut in June, the latest data from CME Group's FedWatch tool showed.
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