Stocks fell on Friday as inflation fears outweighed strong retail sales and another batch of better-than-expect second quarter earnings reports.
Market benchmarks closed the week lower, each breaking 3-week winning streaks. The Dow ended the week down 0.52%, while the S&P 500 fell by 0.97% and the Nasdaq dropped 1.87%.
Here's how the market closed out the week:
S&P 500 Index
Dow Jones Industrial Average
Nasdaq Composite Index
Xiaomi becomes second-largest smartphone maker in Q2, topping Apple:
Chinese smartphone maker Xiaomi overtook Apple
During the quarter, Xiaomi had a 17% share of global smartphone shipments, ahead of Apple's 14% and behind Samsung's 19%. Moreover, Xiaomi posted a year-on-year smartphone shipment growth of 83% versus 15% for Samsung and Apple's 1%.
"Xiaomi is growing its overseas business rapidly," Canalys research manager Ben Stanton said in a press statement, highlighting Xiaomi's shipments rose 300% year-over-year in Latin America and 50% in Western Europe.
"All vendors are fighting hard to secure component supply amid global shortage, but Xiaomi already has its sights set on the next prize: displacing Samsung to become the world's largest vendor," Stanton added.
Consumer sentiment unexpectedly dropped in July on inflation concerns:
The University of Michigan's consumer sentiment survey posted a surprise decline in the first half of July, dropping to 80.8 from 85.5 in June in the month's preliminary report. Consensus economists had expected a rise to 86.5.
The month's decline came as consumers began to expect higher inflation levels into the next year. Consumers now anticipate inflation will rise 4.8% in the next 12 months, up from consumers' previous outlook for one-year inflation to rise by 4.3%.
"Inflation has put added pressure on living standards, especially on lower and middle income households, and caused postponement of large discretionary purchased, especially among upper income households," Richard Curtin, chief economist for the Surveys of Consumers, said in a press statement.
Here's how the market started trading after opening bell:
S&P 500 Index: +0.32% or +13.97 points to 4,374.00
Dow Jones Industrial Average: +0.25% or +86.45 points to 35,073.47
Nasdaq Composite Index: +0.44% or +63.28 points to 14,605.85
Retail sales unexpectedly rose in June:
Retail sales unexpectedly increased in June after falling in May, the Commerce Department said Friday, demonstrating still-strong consumer demand as the U.S. economy continues its choppy recovery.
U.S. retail sales rose by 0.6% month-over-month in June, rising from May's downwardly revised 1.7% drop and reversing the expected course for more declines in June.
By category, department store sales gained 5.9% month-on-month, e-commerce sales rose 1.2%, food services and bars gained 2.3%, motor vehicles and parts dealers dropped 2%, and furniture and home goods sales declined 3.6%.
