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Traders work on the floor of the New York Stock Exchange during morning trading on May 24, 2024 in New York City.
Michael M. Santiago | Getty Images
Stocks ticked higher Friday as traders headed toward the end of a choppy week.
The Dow Jones Industrial Average added 86 points, or 0.2%. The S&P 500 rose 0.7%, while the Nasdaq Composite advanced 1%.
Week to date, the S&P 500 is marginally lower, while the Dow is on pace to drop about 2.2%. The tech-heavy Nasdaq is the outperformer, with a gain of 1.3%.
DJIA 5-day chart
The Dow is set to snap a five-week winning streak, and the S&P 500 on pace to break a four-week positive streak, as concern the Federal Reserve won’t cut interest rates this summer overshadowed a blockbuster earnings report from Nvidia. After several strong economic and labor data releases this week, Goldman pushed its forecast for the Fed’s first rate cut back to September from July.
“Inflation is likely to be much improved by September, but hardly perfect, and still at a year-on-year rate that makes cutting a less than obvious decision,” wrote Goldman economist David Mericle.
Shares of Workday fell more than 14% Friday after the company reduced its subscription revenue guidance for the full year. Intuit also fell 8% on weak forward guidance. Meanwhile, Deckers Outdoor surged 13.6% after posting an earnings and revenue beat.
Wall Street is coming off a rocky session, with the Dow posting its worst session since March 2023, even after Nvidia rallied to record highs off of its fiscal first-quarter report.
“That NVDA couldn’t support the market underscores that even the most powerful company within the S&P 500 can’t fight the Fed,” said Quincy Krosby, chief global strategist for LPL Financial.
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