Wall Street declines but still heads towards strong weekly gains

US stock indices mostly lost ground on Friday while still heading for weekly gains as investors continue to assess the Fed’s policies. 

The Federal Reserve recently announced plans to maintain interest rates at below 5.5% for the fifth meeting in a row. 

Fed officials reasserted their expectations of three interest rate cuts in 2024, boasting the case for a June rate cut. 

Fed Chair Jerome Powell said at this post-meeting press conference that the Fed is on track to cut interest rates this year. 

He added that interest rates have likely peaked, and that inflation readings in the last two months indicate a downward trajectory. 

On trading, Dow Jones fell 0.5%, or 185 points to 39,595, while S&P 500 fell 0.1%, or 6 points to 5235, as NASDAQ shed 0.1%, or 10 points to 16,411.