Nasdaq 100 Hits Another Record
Stocks in the US closed mixed on Friday, with the S&P 500 finishing just below the flatline, the Dow Jones slipping 273 points, and the Nasdaq 100 hitting fresh highs.
Investors interpreted soft jobs data and subdued inflation as signs that the Federal Reserve may cut interest rates next week. The Nasdaq rose 0.4%, boosted by a 7.4% jump in Tesla and a 1.7% gain in Microsoft after the company avoided a potential EU antitrust fine, lifting the broader tech sector. Tech and consumer discretionary stocks outperformed, while materials and health care lagged.
Traders are largely pricing in a 25-basis-point rate cut at the Fed’s September 17 meeting, with a small chance of a larger half-point reduction given the current economic data.
For the week, the S&P 500 gained 1.6%, marking its best performance since early August, the Nasdaq rose 2%, and the Dow advanced 1.1%, posting its first weekly gain in three.
Source: Trading Economics
