Wall Street dips as US consumer sentiment takes hit
US stocks have ended lower, led by weaker big technology-related shares following their recent rally, as data showed US consumer sentiment dropped to a six-month low.
Tesla Inc shares fell after jumping more than 2.0 per cent on Thursday, when Elon Musk announced he had found a new chief executive for Twitter.
Musk tweeted on Friday he had picked former NBCUniversal advertising chief Linda Yaccarino as Twitter's new CEO.
The S&P 500 technology sector was lower, with shares of Apple Inc among the biggest drags.
The technology index is still up about 22 per cent so far this year.
"They've had an incredible run, so those valuation concerns are starting to manifest themselves," said Peter Tuz, president of Chase Investment Counsel in Charlottesville, Virginia.
Adding to investor worries, May consumer sentiment dropped to its lowest since November as a stand-off to raise the federal government's borrowing cap fanned worries about the economic outlook.
Investors are concerned that the Federal Reserve's aggressive interest rates hikes could push the economy into recession.
The S&P 500 lost 6.48 points, or 0.16 per cent, to end at 4,124.14 points, while the Nasdaq Composite lost 43.76 points, or 0.35 per cent, to 12,284.74 and the Dow Jones Industrial Average fell 8.86 points, or 0.03 per cent, to 33,300.65.
The Congressional Budget Office said on Friday the US faces a "significant risk" of defaulting on payment obligations within the first two weeks of June without a debt ceiling increase.
Among gainers, First Solar Inc shares jumped after the solar panel maker acquired Sweden's thin-film solar cell technology firm Evolar AB.
News Corp shares rallied after the media conglomerate beat Wall Street estimates for third-quarter profit.