Stocks Slip From Records as Consumer Data Sends Mixed Signals and Trump Meets Putin – US Market Wrap

Wall Street traders pushed stocks lower from all-time highs as data revealed mixed signals about how American consumers feel about the economy. Investors also kept a close eye on Donald Trump’s meeting with Vladimir Putin.

Following a rally from its April lows, the S&P 500 fell. Applied Materials led chipmakers in losses due to a disappointing outlook. UnitedHealth stock soared as prominent investors poured money into the insurer. Solar stocks surged. Longer-dated Treasuries underperformed. The dollar and oil fell.

Trump greeted his Russian counterpart with a handshake in Alaska as they began a highly anticipated summit, with the US president hoping to bring an end to the conflict in Ukraine. A joint press conference is scheduled for following their meeting.

Prior to that, economic data showed a broad increase in US retail sales, driven by car sales and major online promotions. Later, a separate report revealed that consumer sentiment fell for the first time since April, while inflation expectations increased.