United States stock benchmarks closed out the week with a mixed performance on Friday, as traders positioned ahead of the Federal Reserve’s key policy decision next week.
Labour market and inflation data reinforced expectations of a rate cut, lifting technology shares and helping the Nasdaq Composite secure a fresh record close.
During Friday's regular trade, the Dow Jones Industrial Average traded 273.8 points or 0.6% lower at 45,834.2. The S&P 500 slipped 0.05% to 6,584.3, and the Nasdaq gained 98.0 points or 0.4% to finish at 22,141.1.
For the week, the Dow added 1%, the S&P 500 rose 1.6%, and the Nasdaq advanced 2%, extending its strong year-to-date performance.
Attention is now fixed on the Fed’s 17 September meeting, with futures markets fully pricing in a 25-basis-point rate cut, according to the CME FedWatch Tool. A move would mark the central bank’s latest effort to cushion slowing economic momentum.
On the bond markets, yields climbed, with the 10-year Treasury rising 1% to 4.068% and the 2-year up 0.5% at 3.562%.
