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S&P 500 rises but on track for losing week
The S&P 500 rose in early trading on Wall Street on Friday, following a losing session on Thursday after economic data disappointed the market amid anticipation of the Federal Reserve’s decision to cut interest rates.
The index rose 0.3%, while the Nasdaq Composite rose 0.5%, while the Dow Jones Industrial Average gained 30 points, or 0.1%, for the first time in seven sessions.
The moves follow a losing session on Wall Street. The 30-stock Dow Jones Index fell 234 points, or about 0.5%, its sixth straight day of losses, its longest losing streak since April. The Nasdaq Composite fell about 0.7%, breaking below the 20,000 mark as technology stocks such as Nvidia declined, while the S&P 500 fell about 0.5%.
For the week, the Dow is on track to fall 1.6%, the S&P 500 is on track to fall 0.6%, and the Nasdaq is outperforming, on track to gain 0.2% for the period.
Thursday’s moves came on the heels of a better-than-expected November producer price index report.
The U.S. producer price index, which tracks wholesale prices, rose 0.4% last month, above economists polled by Dow Jones forecasts for a 0.2% monthly gain. The yield on the 10-year Treasury note jumped to a two-week high after the data.
This comes on the heels of a November consumer price index report that was in line with economists’ estimates and has investors anticipating another rate cut from the Federal Reserve at its meeting next week.
Markets were also weighed by a report showing a rise in the number of Americans filing for unemployment benefits last week, as well as another update showing that inflation at the wholesale level, before it reaches American consumers, was higher than expected last month.
