Dow posts five-day losing streak, Nasdaq, S&P end lower amid inflation fears, bank jitters
franckreporter
Wall Street's major averages ended lower on Friday, though they settled significantly higher than their session lows. 
Sentiment overall was muted amid economic data that showed a rise in a gauge of inflation expectations and renewed fears about the stability of regional banks. The debt ceiling impasse was also in focus.
The tech-heavy Nasdaq Composite (COMP.IND) ended down 0.35% at 12,284.74 points, while the benchmark S&P 500 (SP500) closed 0.16%
lower at 4,124.08 points. The Dow (DJI) slipped marginally by 0.03% to end at 33,300.62 points, with the blue-chip index posting a fifth straight session of losses.
For the week, the averages turned in a mixed performance. The Nasdaq added 0.4% while the other two indices slipped. The S&P was down 0.29% and the Dow was lower by 1.11%. 
Of the 11 S&P sectors, seven ended in the green, led by Utilities. Consumer Discretionary topped the losers.
Financials slipped as concerns over the regional banking space continued to simmer. PacWest Bancorp (PACW) plunged in extended trading on Thursday after pledging more collateral to allow for additional borrowing under the Fed's discount window, a move that came after the lender disclosed that it lost 9.5% of its total deposits last week.
Meanwhile, economic data showed a more-than-expected drop in the University of Michigan's gauge of consumer sentiment for May. Moreover, five-year implied inflation expectations rose to 3.20%, its highest reading in over a decade.
The largely mixed mood on Wall Street on Friday continued a trend seen over the last two days, with the major averages having put in a mixed performance for two consecutive sessions.
"Even Big Tech showed just a little weakness today. Whilst the market continues to push upwards, making higher lows with each selloff since the October bottom, we believe the Nasdaq in particular is overdue a more meaningful correction. Even Papa Tech doesnât go up in a straight line," Alex King, investing group leader of Cestrian Capital Research, told Seeking Alpha. 
"The Russell on the other hand is to our old and tired eyes under accumulation and we expect it to surprise to the upside in the coming weeks. Zooming out? We continue to look higher for longer as regards the equity indices," King added. 
Market participants were also keeping a close eye on proceedings surrounding the debt ceiling debate. President Biden's meeting with congressional leaders has now been pushed to next week amid continued negotiations and little progress, even as the so-called X-date approaches as early as June 1. 
In terms of the markets, JPMorgan CEO Jamie Dimon weighed on what the debt ceiling impasse would mean for stocks and Treasuries, adding that a default would be "potentially catastrophic" and the closer you get to it investors will "panic." At the same time, there are renewed concerns about regional banks following a heavy selloff on Thursday.
Treasury yields were higher on Friday. The longer-end 10-year yield (US10Y) was up 6 basis points to 3.46% while the more rate-sensitive 2-year yield (US2Y) was up 9 basis points to 4.00%. 
Turning to active stocks, First Solar (FSLR) surged and ended as the top percentage gainer on the S&P 500 (SP500) after the company agreed to buy European thin film maker Evolar.
Shares of News Corp (NWS) (NWSA) jumped after the firm beat quarterly expectations. 
Tesla (TSLA) shares ended lower after seesawing through the day. Its top boss Elon Musk named former NBCUniversal executive Linda Yaccarino the new CEO of Twitter. 
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