Wall Street experienced a lackluster session in midday trading in New York, with major stock indexes slightly lower despite the release of upbeat data on inflation.
In May 2024, the personal consumption expenditures (PCE) price index, the Federal Reserve’s main inflation gauge, fell to its lowest level since March 2021, registering an annualized rate of 2.6%, in line with economists’ forecasts.
The inflation report further indicates that price pressures are heading toward the Fed’s 2% target, strengthening market expectations of a possible interest rate cut.
But this time, markets are reacting more cautiously, possibly as investors assess the political and economic fallout from the first presidential debate on Thursday night. Joe Biden Former President Donald TrumpMost political analysts predict a landmark victory for the latter.
Energy stocks were the best performing sector in the S&P 500 on Friday despite a lack of momentum in oil and gas prices, likely in response to President Trump’s likely return to the White House.
Treasury yields rose across the board as the bond market began pricing in a new round of expansionary fiscal policies from the next presidential candidate. iShares Government Bond ETF (NASDAQ:TLT) fell 1.3%.
Semiconductors are expected to fall for the second consecutive week, but regional banks are doing well. SPDR S&P Regional Bank ETF (NYSE:KRE) could post its best weekly performance since the beginning of the year.
Major commodities were little changed, with gold flat and crude oil down 0.5%. Bitcoin (Cryptocurrency: BTC) is down 1.5% and hovering around 60,500.
Friday’s performance of major US stock indexes and ETFs
|
Key Indicators |
price |
Daily change rate |
|
Russell 2000 |
2,041.37 |
0.2% |
|
Dow Jones |
39,160.78 |
0.0% |
|
S&P 500 |
5,479.31 |
-0.1% |
|
Nasdaq 100 |
19,754.09 |
-0.2% |
Updated 12:51 p.m.
According to data from Benzinga Pro:
-
of SPDR S&P 500 ETF Trust (NYSE:SPY) fell 0.1% to $546.02.
-
of SPDR Dow Jones Industrial Average (NYSE:DIA) was flat at $391.69.
-
Technology Focus Invesco QQQ Trust (ARCA: QQQ) fell 0.1% to $481.19.
-
By sector, energy Select Sector SPDR Fund (NYSE:XLE) rose 0.9%. Utility Select Sector SPDR Fund (NYSE:XLU) lagged behind, dropping 1.3%.
Friday stock price trends
-
Nike Inc. (NYSE:NKE) fell 20% after earnings fell short of market expectations, on track to be its worst one-day performance ever.
-
Petco Health & Wellness Company, Inc. (NASDAQ:WOOF) rose more than 13%. Keith GillKnown online as Roaring Kitty, she shared a cartoon image of the dog on X.
-
Baker Hughes (NYSE:BKR) rose 2.3%, making it the top performer among U.S. oil stocks tracked by the XLE ETF.
-
First Solar Co., Ltd. (NASDAQ:FSLR) fell more than 9%, along with other Clear Energy stocks. Invesco Solar ETF (NYSE:TAN) also fell sharply in reaction to last night’s presidential debate.
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The article “Wall Street Slumps Despite Fed’s Preferred Lower Inflation, Energy Stocks, Yields Rise on Trump’s Debate Performance: What’s Moving Markets on Friday?” originally appeared on Benzinga.com.
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