Major U.S. indices finished mixed on Thursday (Friday AEDT), with the Dow Jones Industrial Average narrowly ending its longest losing streak since 1974 as markets digested the Federal Reserve's recent monetary policy decisions.
The Dow Jones Industrial Average added just 15.4 points or 0.04% to close at 42,342.3, the S&P 500 slipped 5.1 points or 0.1% to 5,867.1 and the Nasdaq Composite eased 19.9 points or 0.1% to 19,372.8.
Gains among major financial companies contributed to the modest recovery, with JPMorgan Chase and Citigroup up 1.1% and 0.4%, respectively.
Technology performed mixed overall, with Meta Platforms easing 0.3%, Apple up 0.7% and Tesla down 0.9%.
Artificial intelligence heavyweight Nvidia also rebounded 1.4% after losses of 3.6% in the previous session.
The market turmoil earlier in the week followed the Federal Reserve’s announcement of a more conservative path for rate cuts in 2025.
Investors reacted strongly to the Fed’s updated stance. On Wednesday, the Dow shed 2.6%, while the S&P 500 and Nasdaq Composite lost 3% and 3.6%, respectively.
Meanwhile, corporate news added to the mixed sentiment. Micron Technology closed 16.2% lower following disappointing fiscal second-quarter guidance, with CEO Sanjay Mehrotra citing weakness in consumer markets.
Conversely, Darden Restaurants, owner of brands like Olive Garden and LongHorn Steakhouse, surged 14.7% after reporting strong fiscal second-quarter earnings.
On the bond markets, the 10-year Treasury yield surged over 1% to to 4.570%, while 2-year rates fell 1% to 4.316%.