Stocks slightly retreated during New York’s morning session on Friday, following another robust week of gains fueled by a dovish Federal Reserve meeting, which underscored Chair Jerome Powell‘s readiness to initiate interest rate cuts this year.
The S&P 500 remained flat for the day but boasted a 2.3% increase for the week, marking its most significant weekly gains since December 2023, holding above 5,200 points.
The Dow Jones dipped by 0.5% on Friday but maintained a 2.2% increase for the week, also heading towards its strongest weekly performance for the year so far.
Tech stocks saw marginal gains, notably Nvidia Corp. NVDA, which surged over 3% and extended its rally for the 11th consecutive week and achieved a 90% year-to-date gain.
As Treasury yields declined, bond prices rose, with the iShares 20+ Year Treasury Bond ETF TLT increasing by 0.9%.
Bitcoin BTC/USD experienced a 3% loss for the day, while gold saw a decrease of 0.8%.
Friday’s Performance In Major US Indices, ETFs
| Major Indices | Price | Chg % |
| Nasdaq 100 | 18,341.96 | 0.1% |
| S&P 500 | 5,241.56 | 0.0% |
| Dow Jones | 39,578.06 | -0.5% |
| Russell 2000 | 2,070.86 | -1.0% |
The SPDR S&P 500 ETF Trust SPY was flat at $521.99, the SPDR Dow Jones Industrial Average DIA fell 0.5% to $395.91 and the tech-heavy Invesco QQQ Trust QQQ inched 0.2% higher to $446.61, according to Benzinga Pro data.
Sector-wise, the Technology Select Sector SPDR Fund XLK was the top performer for the day, up 0.3%, while the Real Estate Select Sector SPDR Fund XLRE was the laggard, down 1.2%.
Friday’s Stock Movers
- Nike Inc. NKE plummeted by more than 6% following the company’s announcement projecting a decline in revenue for the first half of fiscal 2025.
- FedEx Corp. FDX rose over 7% following the announcement of fiscal Q3 earnings that exceeded Wall Street’s expectations, coupled with the board’s approval of a new $5 billion buyback program.
- Lululemon Athletica Inc. LULU plummeted nearly 15% despite the company reporting upbeat earnings results for its fourth quarter, as investors reacted to a softer guidance.
- Nkarta Inc. NKTX was down 29% after several analysts cut its stock price target.
Image generated using artificial intelligence with Midjourney.
