Wall Street dips as declines in cyclical stocks outweigh growth boost

Wall Street's main indexes reversed early gains on Friday, with a decline in cyclical stocks outweighing gains in growth stocks, while data showing an unexpected increase in U.S. retail sales in June kept declines at bay.
 

The Commerce Department said retail sales rebounded 0.6% last month, as spending is shifting back to services, bolstering expectations that economic growth accelerated in the second quarter.
 

Markets have largely cheered a steady recovery in the labor market this year, but concerns about higher inflation due to a faster-than-expected rebound has hurt sentiment, with investors oscillating between "value" and tech-heavy "growth" names in the