Shares of energy companies were more or less flat, but lost significant ground for the week, amid fears that higher for longer interest rates would crimp demand.
Oil futures slipped to a roughly three-month low as traders braced for a longer-than-anticipated wait for rate cuts.
Economists at bro, in a note to clientskerage Goldman Sachs Group pushed back their estimated date for the first Federal Reserve cut to September.
“Comments from Fed officials suggested that a July cut would likely require not just better inflation numbers but also meaningful signs of softness in the activity or labor market data,” said the Goldman economists.
“After the stronger May PMIs and lower jobless claims, this does not look like the most likely outcome.”
Natural-gas futures slipped 4% for the week after suring a week earlier ahead of the summer cooling season.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
05-24-24 1722ET
