US stocks lost steam in mid-morning trading on Friday after consumer sentiment hit a six-month low.
The Dow Jones Industrial Average (^DJI), which is eyeing its eighth straight win, clung to gains of roughly 0.2%, with the benchmark S&P 500 (^GSPC) hovering above the flatline on the heels of closing above 5,200 for the first time in a month. The tech-heavy Nasdaq Composite (^IXIC) declined around 0.1%.
The latest University of Michigan consumer sentiment survey released Friday revealed a 13% drop in overall sentiment during the month of May. The index reading for the month came in at 67.4, its lowest level in six months, and well below economist expectations of 76.2.
The drop in sentiment comes as investors debate the future of interest rate cuts amid recent signs of a cooling labor market.
Read more: How does the labor market affect inflation?
Given that, investors will listen closely to…
