Stock market today: US stocks trade mixed as investors try to cap off best week of 2024
US stocks wavered on Friday as investors tried to hold on to a record-setting run of gains.
The S&P 500 has seen two days of record closing highs, up 2.7% since Monday's open.
Investors have been bolstered by dovish Fedspeak, expecting a total of three rate cuts this year.
US stocks wobbled Friday morning as traders tried to keep the market on track for its best week since the start of the year.
The S&P 500 has been on a record-setting rally this week, up 2.7% since Monday's open. The Dow Jones Industrial Average also hit a record high this week, and the Nasdaq is headed for a weekly gain.
New comments from the Federal Reserve on its outlook for rates at its latest policy meeting imbued investors with fresh hopes that rate cuts are on their way this year.
Most expect the first cut to arrive in June, with a total of 75 basis points cut by year-end, according to the CME FedWatch Tool. That's in line with the Fed's latest "dot-plot" projections.
"The median Fed member still projects three-25bp rate cuts this year and Powell said the tapering of balance sheet runoff should come 'fairly soon,'" Bank of America analysts said. "We think inflation will cooperate, opening the door for rate cuts in June. That said, it is a close call and if inflation remains sticky, the Fed could easily delay action."
Reddit traded lower after a big first day on the stock market, falling 4% on Friday after closing nearly 50% higher on Thursday after the company's initial public offering earlier in the week. The stock was trading at $48.02 shortly after the opening bell.
Here's where US indexes stood at the opening bell at 9:30 a.m. on Friday:
S&P 500: 5,240.61, down 0.01%
Dow Jones Industrial Average: 39,782.57, up 0.01%
Nasdaq Composite: 16,386.53, down 0.09%
Here's what else is going on:
Redditors who scoffed at getting in on the company's IPO must be kicking themselves.
Bitcoin's been sliding ahead of the "halving" — but crypto bulls aren't worried.
Americans' growing wealth points to a boom in a tax-exempt corner of the bond market.
The S&P 500 will rally another 5% this year as profit growth thrives, new biggest Wall Street bull Societe Generale says.
In commodities, bonds, and crypto:
Oil prices rose, with West Texas Intermediate up 0.3% to $81.34 a barrel. Brent crude, the international benchmark, edged up 0.27% to $80.01 a barrel.
Gold dipped 0.37% to $2,176.70 per ounce.
The 10-year Treasury yield dipped six basis points to 4.21%.
Bitcoin dropped by 1.71% to $64,269.39.
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