US stocks range-bound with weekly gains in sight on rate-cut hopes
The S&P 500 and Nasdaq were on course for a fourth straight week of gains, while the blue-chip Dow was on track for its fifth weekly advance, supported by strong quarterly results and slowing inflation data that has bolstered the case for rate cuts from the Federal Reserve. All three main indexes touched record highs on Thursday and the Dow briefly crossed the 40,000 milestone, before reversing gains and closing in the red.
's main indexes were little changed on Friday as investors took a breather from the week's rally driven by growing expectations of U.S. this year.The S&P 500 and were on course for a fourth straight week of gains, while the blue-chip Dow was on track for its fifth weekly advance, supported by strong quarterly results and slowing inflation data that has bolstered the case for rate cuts from the Federal Reserve.
All three main indexes touched record highs on Thursday and the Dow briefly crossed the 40,000 milestone, before reversing gains and closing in the red.
"(Equities) are just trying to sort of digest the past week's economic data," said Robert Pavlik, senior portfolio manager at Dakota Wealth.
"People are now looking at the next catalyst. Most likely it's going to be whether or not the Fed actually cuts. So you got PCE (personal consumption expenditures) coming up, and if that's below expectations then probably see the market continue to trend higher."
Traders currently see a 68% chance of the first rate cut in September, according to the CME FedWatch Tool.
Seven of the 11 S&P 500 sectors advanced, with energy shares up 0.7% and leading gains.
At 11:13 a.m. ET, the Industrial Average was up 32.14 points, or 0.08%, at 39,901.52, the S&P 500 was up 2.32 points, or 0.04%, at 5,299.42, and the was up 7.16 points, or 0.04%, at 16,705.48.
Advanced Micro Devices gained 2.7% after Microsoft said it plans to offer its cloud computing customers a platform of AMD artificial intelligence chips that will compete with components made by Nvidia.
Nvidia eased 0.8%, ahead of its quarterly results next week.
Reddit rose 12.4% on partnering with OpenAI to bring its content to ChatGPT.
GameStop shed 27.5% after filing for a mixed-shelf offering and saying it expects first-quarter net sales to drop from a year ago.
The stock is still set for sharp , along with fellow retail investor darling AMC Entertainment, on excitement over the social media return of "Roaring Kitty", who was the central figure in the 2021 meme-stock rally.
Advancing issues outnumbered decliners by a 1.18-to-1 ratio on the NYSE and by a 1.04-to-1 ratio on the Nasdaq.
The S&P index recorded 28 new 52-week highs and one new low, while the Nasdaq recorded 61 new highs and 34 new lows.
Source: Stocks-Markets-Economic Times
