Home » Stock Market Today: Wall Street hits the closing bell broadly in the green on Friday

Stock Market Today: Wall Street hits the closing bell broadly in the green on Friday

by FX BrokerNews
  • Wall Street’s main indexes close in the green to wrap up the week.
  • Tech stocks rose, Utilities took a knee.
  • Markets lean toward a Fed rate cut in June after inflation data.

After a rebound in risk appetite on Friday, the S&P 500 (SPX) index experienced a 0.80% increase, concluding the session at 5,137.09. The Dow Jones (DJIA) inched up by 0.23%, closing at 39,087.38, while the Nasdaq (IXIC) saw a 1.14% gain, ending the day at 16,274.94.

Stock market news

On Friday, the Technology Sector saw a notable ascent of 1.78%, outperforming other market sectors, closely trailed by the Energy Sector with a gain of 1.17%. Conversely, the Utilities Sector experienced a decline of 0.72%, closing the week on a downtrend.

Among individual stocks, NetApp Inc. (NTAP) emerged as the top gainer on Friday, surging by 18.167% to reach a closing price of $105.31. In contrast, Zscaler Inc. (ZS) faced a setback, sliding nearly 9.4% and becoming the day’s biggest loser, closing at $219.23.

In the realm of economic indicators, the US Bureau of Economic Analysis (BEA) reported on Thursday that inflation in the US, as gauged by the change in the Personal Consumption Expenditures (PCE) Price Index, declined to 2.4% on a yearly basis in January. This figure followed December’s 2.6% increase, aligning with market expectations. On a monthly basis, the PCE Price Index exhibited a 0.3% rise, consistent with forecasts. The Core PCE Price Index, excluding volatile food and energy prices, recorded a 2.8% increase on a yearly basis, in line with analysts’ estimates.

According to the CME FedWatch Tool, market indicators suggest a nearly 70% probability that the Federal Reserve (Fed) will implement a 25 basis points policy rate reduction in June.

Closing the week, US data on Friday revealed that the ISM Manufacturing PMI dipped to 47.8 in February from 49.1, falling short of the anticipated 49.5 and indicating a continued contraction in the manufacturing sector’s business activity.

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