Wall Street ends mixed; Dow Jones sets a record in a strong week
The major indices remained contained for most of the session, but still managed to secure weekly gains of at least 1%.
U.S. stocks closed nearly flat on Friday, as investors took a breather following a strong rally in the previous session. That rally was fueled by a significant interest rate cut by the Federal Reserve, while Nike’s earnings helped push the Dow Jones to a record high.
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After posting their biggest daily percentage gains since mid-August, the major indices stayed within a tight range for most of the session but were able to lock in weekly gains of at least 1%.
Stocks briefly pared losses after remarks from Federal Reserve Governor Christopher Waller boosted expectations for a 50-basis-point rate cut in the central bank’s November meeting, following a 50-basis-point cut earlier in the week on Wednesday.
However, Governor Michelle Bowman argued that a smaller cut would have been more appropriate this week.
The market is still recalibrating because, while some participants might have expected 50 basis points, many others did not.
The S&P 500 lost 11.09 points, or 0.19%, to 5,702.55; the Nasdaq Composite dropped 65.66 points, or 0.36%, to 17,948.32; and the Dow Jones Industrial Average rose 38.17 points, or 0.09%, to 42,063.36.
Markets are fully pricing in at least a 25-basis-point cut in November, with a 48.9% chance of a 50-basis-point reduction, according to CME’s FedWatch tool.
The utilities sector led the 11 key sectors of the S&P 500, driven by a surge in Constellation Energy’s shares after the company signed a data center deal with Microsoft to help revive a unit at the Three Mile Island nuclear plant in Pennsylvania.
The Dow Jones also received a late boost from Intel, as its shares gained ground following a Wall Street Journal report that Qualcomm had approached the chipmaker with an acquisition offer.
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