U.S. Stocks End Friday with Mixed Results
(MENAFN) U.S. stocks ended Friday with mixed results as investors focused on the upcoming Federal Reserve decision on interest rates next week.
The Dow Jones Industrial Average fell 0.59%, settling at 45,834.22, while the S&P 500 dipped 0.05% to 6,584.29. In contrast, the Nasdaq Composite Index rose 0.44%, reaching 22,141.1, marking its fifth consecutive record close.
Among the 11 sectors of the S&P 500, seven ended the day lower, with healthcare and materials leading the declines, down 1.13% and 0.97%, respectively. Meanwhile, consumer discretionary and utilities showed stronger performance, rising 0.57% and 0.56%.
A preliminary survey from the University of Michigan revealed that consumer sentiment in September fell more than expected, with long-term inflation expectations climbing to 3.9%. Households voiced concerns over tariffs and their impact on prices.
Despite these concerns, market participants remain confident that the Federal Reserve will proceed with a rate cut at its upcoming meeting on September 17. The CME FedWatch tool indicates that futures markets are pricing in a 25 basis-point reduction with high certainty.
James Knightley, chief international economist at ING, commented, "Evidence of cooling consumer demand and a weakening jobs market is becoming more obvious. Inflation remains above target and tariffs are likely to keep it elevated in the near term, but the balance of risks are tilted towards the need for more support for the economy, starting with a 25bp cut on Wednesday, 17 September."
On the corporate side, Microsoft rose 1.77% following its announcement of a new partnership with OpenAI, enabling the AI firm to transition from a nonprofit to a for-profit entity.
Tesla saw a significant gain, climbing 7.36%, while Apple added 1.76%. Other tech giants, including Nvidia, Alphabet, Meta Platforms, and Broadcom, also posted modest increases. Amazon was the only major tech stock to end in the red, slipping 0.78%.
The Dow Jones Industrial Average fell 0.59%, settling at 45,834.22, while the S&P 500 dipped 0.05% to 6,584.29. In contrast, the Nasdaq Composite Index rose 0.44%, reaching 22,141.1, marking its fifth consecutive record close.
Among the 11 sectors of the S&P 500, seven ended the day lower, with healthcare and materials leading the declines, down 1.13% and 0.97%, respectively. Meanwhile, consumer discretionary and utilities showed stronger performance, rising 0.57% and 0.56%.
A preliminary survey from the University of Michigan revealed that consumer sentiment in September fell more than expected, with long-term inflation expectations climbing to 3.9%. Households voiced concerns over tariffs and their impact on prices.
Despite these concerns, market participants remain confident that the Federal Reserve will proceed with a rate cut at its upcoming meeting on September 17. The CME FedWatch tool indicates that futures markets are pricing in a 25 basis-point reduction with high certainty.
James Knightley, chief international economist at ING, commented, "Evidence of cooling consumer demand and a weakening jobs market is becoming more obvious. Inflation remains above target and tariffs are likely to keep it elevated in the near term, but the balance of risks are tilted towards the need for more support for the economy, starting with a 25bp cut on Wednesday, 17 September."
On the corporate side, Microsoft rose 1.77% following its announcement of a new partnership with OpenAI, enabling the AI firm to transition from a nonprofit to a for-profit entity.
Tesla saw a significant gain, climbing 7.36%, while Apple added 1.76%. Other tech giants, including Nvidia, Alphabet, Meta Platforms, and Broadcom, also posted modest increases. Amazon was the only major tech stock to end in the red, slipping 0.78%.
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