Wall St wobbles to mixed Friday the 13th close; Fed on tap
Nasdaq advances; S&P 500 ~unchanged; Dow dips
Comm svcs down most among S&P sectors; tech lead gainers
Dollar ~flat; bitcoin, crude up >1%; gold down >1%
US 10-year yield surges to ~4.40%
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WALL ST WOBBLES TO MIXED FRIDAY THE 13TH CLOSE; FED ON TAP
U.S. stocks struggled for direction on Friday as investors wrestled with rising Treasury yields on one hand, and renewed AI fervor on the other.
Benchmark U.S. Treasury 10-year yields touched a three-week high, offering investors an alternative to stocks at a time of elevated valuations, while an upbeat forecast from Broadcom AVGO.O stoked hopes that the AI craze, which has driven much of Wall Street's gains over the past two years, still has legs.
The major indexes provided a mixed picture at close; the Nasdaq ended green, the S&P 500 closed essentially flat, and the blue-chip Dow wrapped up the session in negative territory.
The S&P 500 and the Dow posted weekly losses while tech shares boosted the Nasdaq - which peeked above the 20,000 level for the first time ever on Wednesday - to a modest Friday-to-Friday gain.
The week was marked by a succession of economic reports that confirmed inflation hit a snag in November along its serpentine path back down to the Federal Reserve's 2% target.
While financial markets still expect the Fed to come through with a 25 basis point rate cut at the conclusion of next week's policy meeting - CME's FedWatch tool sets that probability at 97.1% - there's a growing sense that the cut will be served with a side of hawkish rhetoric and a dot plot that predicts a slower pace of interest rate reductions in the coming year.
The central bank's rate decision, its accompanying statement, and the Summary of Economic Projections (SEP) are in the center ring next week.
Other potential market movers include four separate reports from the tireless Commerce Department: retail sales, housing starts/building permits, the third and final stab at third-quarter GDP and, of particular import, the broad-ranging personal consumption expenditures (PCE) series on Friday.
Here's your closing snapshot:
(Stephen Culp)
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FOR FRIDAY'S OTHER LIVE MARKETS POSTS
US EARNINGS GROWTH SEEN UP SLIGHTLY IN Q4 VS Q3 - CLICK HERE
BULLS BACK DOWN IN LATEST INVESTOR SENTIMENT SURVEY - CLICK HERE
SPOOKED BY FRIDAY THE 13TH? THE S&P 500 HISTORICALLY WOULD DISAGREE - CLICK HERE
THREE FOR THREE: IMPORT/EXPORT PRICES UNEXPECTEDLY HEAT UP - CLICK HERE
NASDAQ, S&P 500 MODERATELY HIGHER; FOCUS ON TECH STOCKS - CLICK HERE
WHAT COULD TRIGGER A RE-RATING OF CHEAP EUROPEAN BANKS? - CLICK HERE
BOFA DOWNGRADES GERMAN STOCKS, UPGRADES UK CLICK HERE
A MAR-A-LAGO FX ACCORD? NOT YET, BUT DON'T RULE IT OUT CLICK HERE
INSURERS AND AUTOS LIFT STOXX CLICK HERE
EUROPE BEFORE THE BELL: SET FOR SOFT START, WEAK UK GROWTH IN FOCUS CLICK HERE
GLOBAL RATE CUTS PUT DOLLAR IN DRIVER'S SEAT CLICK HERE
Closing snapshot https://reut.rs/3VBICnX
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