Highlights
Equities ended narrowly mixed Friday with profit-taking pressures offsetting positive momentum from the week's gains.
The Dow Jones industrial average rose 0.3 percent to close above the psychological 40,000 level for the first time. The S&P 500 firmed 0.1 percent to end about 1.5 percent higher on the week. The Nasdaq was down by 0.1 percent. Bond yields, oil prices and the dollar all rose.
The market lacked impetus to extend its recent rally after advancing this week on supportive consumer price figures and signs of a slowing economy which revived hopes for Federal Reserve rate cuts. Bulls liked Walmart's big beat this week as it bolstered the soft landing narrative and allayed concerns about softening consumer spending.
A split showing for megacaps Friday partly explained the mixed market outcome as Meta, Microsoft and Nvidia dipped while Alphabet, Amazon and Netflix advanced. Sectors were divided with information technology, industrials, health care and consumer staples lagging. Holding up best were energy, financials, consumer discretionary, communications and materials.
Meme stocks retreated Friday after their remarkable advance this week with GameStop off after announcing a share offering and disappointing quarterly results.
The Dow Jones industrial average rose 0.3 percent to close above the psychological 40,000 level for the first time. The S&P 500 firmed 0.1 percent to end about 1.5 percent higher on the week. The Nasdaq was down by 0.1 percent. Bond yields, oil prices and the dollar all rose.
The market lacked impetus to extend its recent rally after advancing this week on supportive consumer price figures and signs of a slowing economy which revived hopes for Federal Reserve rate cuts. Bulls liked Walmart's big beat this week as it bolstered the soft landing narrative and allayed concerns about softening consumer spending.
A split showing for megacaps Friday partly explained the mixed market outcome as Meta, Microsoft and Nvidia dipped while Alphabet, Amazon and Netflix advanced. Sectors were divided with information technology, industrials, health care and consumer staples lagging. Holding up best were energy, financials, consumer discretionary, communications and materials.
Meme stocks retreated Friday after their remarkable advance this week with GameStop off after announcing a share offering and disappointing quarterly results.
Definition
Market Reflections track market reaction to the trading day's major events. Economic data, policymaker speeches, and company news are featured in this report as well as key indexes and financial instruments.
Description
Understanding why markets respond as they do is fundamental for an investor. Market Reflections help explain how the day's events, news, and data impact the outlook for the economy and for market prices.
