US stocks closed higher on Friday (December 5), with the S&P 500 up 0.2%, the Nasdaq up 0.4%, and the Dow Jones Industrial Average up 0.2% as weak PCE data and positive sentiment in Michigan strengthened the likelihood of a 25bps Fed rate cut next week, with traders pricing in an 87% chance of a rate cut.
Core PCE rose 0.2% in September, with the annual rate dropping to 2.8%, while Michigan showed improved confidence and lower near-term inflation expectations. Large-cap stocks were the main drivers of the gains, with Alphabet (+1.2%), MetaTrader (+1.8%), and Broadcom (+2.4%) leading the gains, while Microsoft rose 0.5%, Tesla edged up 0.1%, Apple fell 0.7%, and Nvidia fell 0.5%.
Netflix fell 2.9% after announcing a deal with Warner Bros. Discovery, though its losses narrowed due to reports of regulatory scrutiny. Technology coverage expanded as XLK posted its tenth consecutive session of gains and Salesforce surged 5.3% on strong results, leading the S&P to rise 0.4% for the week, the Nasdaq to rise 0.9%, and the Dow to rise 0.5%. (alg)
Source: Trading Economics
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