Dow Jones dips but still on track for weekly profit

Economies.com
2024-02-09 17:07PM UTC

US stock indices were mixed on Friday with Wall Street heading for weekly gains as the corporate earnings season nears its end.

 

So far, 319 companies listed in the S&P 500 index have reported their results, with 80.6% of them beating analysts’ expectations. 

 

On another front, Fed Chair Jerome Powell said in a Sunday interview that he expects only three Fed rate cuts this year, and he doesn’t expect a cut in March. 

 

Minneapolis Fed Chair Neil Kashkari warned today from cutting rates too quickly, as current tight conditions haven’t yet impacted all aspects of the US economy sufficiently. 

 

Investors expected six Fed rate cuts this year, and such optimistic forecasts sent US stocks sharply higher in recent weeks. 

 

On trading, Dow Jones slipped 0.4% as of 17:06 GMT, or 144 points to 38,581, while S&P 500 rose 0.2%, or 11 points to 5009, as NASDAQ added 0.8%, or 138 points to 15,931. 

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