The Nasdaq Composite notched a perfect week of closing highs on Friday as investors took signs of weakening jobs and tame inflation to mean the Federal Reserve will lower interest rates next week.
The tech-heavy Nasdaq closed 0.44% higher to settle at 22,141.10, led by a surge in Tesla shares. The broad market S&P 500 hovered around the flatline, down just 0.05% to finish at 6,584.29. The blue-chip Dow Jones Industrial Average lost 273.78 points, or 0.59%, to close at 45,834.22. Having each closed at record levels Thursday, with the Dow finishing above 46,000 for the first time, the three major averages rounded out the weekly period with gains.
The S&P 500, which rose 1.6% week to date, saw its best weekly performance since early August and its fifth positive week in six. The Nasdaq secured its second winning week in a row with its 2% advance in the period, and the Dow posted its first positive week in three after seeing a week-to-date climb of 1%.
Investors are now gearing up for the Fed's decision on whether it will lower its benchmark interest rate on Sept. 17. Futures markets are pricing in a quarter percentage point cut with near certainty, according to the CME FedWatch tool.
Source: CNBC
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