U.S. stocks closed mostly lower Friday, losing momentum as investors digested a hectic week of mixed earnings, and economic data that seemed to support the 'higher for longer' interest rate scenario. The Nasdaq advanced, with tech and tech-adjacent momentum stocks providing...
U.S. stocks closed mostly lower Friday, losing momentum as investors digested a hectic week of mixed earnings, and economic data that seemed to support the "higher for longer" interest rate scenario. The Nasdaq advanced, with tech and tech-adjacent momentum stocks providing much of the heavy lifting, while the benchmark S&P 500 and the Dow Jones Industrial Average lost ground; the Dow gave up 366 points.
The Commerce Department's hotly anticipated Personal Consumption Expenditures report showed inflation gradually cooling down as expected, getting closer to the Federal Reserve's 2% annual target while consumer spending, which accounts for about 70% of the U.S. economy, posted a robust upside surprise.
Market participants are nearing the end of a busy earnings week, during which nearly one-third of the companies in the S&P 500 posted third-quarter results. "Big tech earnings were priced for perfection, and they were mostly just 'good.' That was not enough," Mayfield said. "But the broader picture is good. This could be the building blocks for a rally to year end."
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