Wall Street Closes Flat Ahead of Fed Announcement
The three major Wall Street indexes closed nearly unchanged on Friday, wrapping up a transitional session where the Nasdaq stood out with its fourth consecutive weekly gain.
The Dow Jones Industrial Average, which tracks 30 large-cap stocks, fell 0.20% to close at 43,828.06 points. Meanwhile, the SPX 500 finished unchanged at 6,051.09 points, and the Nasdaq Composite edged up 0.12% to 19,926.73 points.
Shares of Broadcom soared 24.4% after the company reported a remarkable 220% year-over-year increase in artificial intelligence (AI) revenue, marking the first time its market capitalization surpassed $1 trillion.
Main Movers
The tech sector maintained its upward momentum, pushing the Nasdaq above 20,000 points for the first time on Wednesday. This rise was further supported by an inflation report that aligned with expectations, reinforcing the outlook for a Federal Reserve rate cut next week.
Treasury yields climbed broadly, with the 10-year benchmark yield reaching a three-week high despite CME’s FedWatch tool indicating a high probability of a rate cut.
For the week, performance was mixed across the major indexes. The Dow Jones dropped 1.82%, the S&P 500 declined 0.64%, while the Nasdaq posted a modest gain of 0.12%.
Political News
President-elect Donald Trump announced on Friday his intention to put an end to the “inconvenient” practice of turning clocks forward by an hour every spring, arguing that it imposes an unnecessary financial burden on the United States.
“The Republican Party will use its best efforts to eliminate Daylight Saving Time, which has a small but vocal audience—yet it shouldn’t! DST is inconvenient and very costly for our nation,” Trump stated on his social media platform, Truth Social.
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