WASHINGTON (dpa-AFX) - After ending the previous session notably higher, the major U.S. stock indexes have moved in opposite directions during trading on Friday. While the tech-heavy Nasdaq has risen to a new record intraday high, the Dow has moved back to the downside.
Currently, the major averages are turning in mixed performance. The Dow is down 169.29 points or 0.4 percent at 45,938.71, but the S&P 500 is up 0.97 points or less than a tenth of a percent at 6,588.44 and the Nasdaq is up 77.40 points or 0.4 percent at 22,120.48.
The mixed performance on Wall Street comes as traders look ahead to the Federal Reserve's monetary policy announcement next Wednesday.
With recent data showing relatively subdued inflation and a weakening labor market, the Fed is widely expected to lower interest rates by at least a quarter point.
CME Group's FedWatch Tool is currently indicating a 92.5 percent chance the Fed will cut rates by 25 basis points and a slim 7.5 percent chance of a half-point rate cut.
Traders are likely to pay close attention to the Fed's accompanying statement as well as Fed Chair Jerome Powell's post-meeting comments for clues about the likelihood of further rate cuts.
Currently, the Fed is widely expected to lower rates by another 25 basis points at both its October and December meetings, although Powell is likely to say future rate cuts will depend on incoming economic data.
In U.S. economic news, preliminary data released by the University of Michigan showed consumer sentiment in the U.S. has deteriorated by much more than anticipated in the month of September.
The University of Michigan said its consumer sentiment index fell to 55.4 in September from 58.2 in August. Economists had expected the index to edge down to 58.0.
On the inflation front, year-ahead inflation expectations held steady at 4.8 percent, while long-run inflation expectations rose for the second straight month, jumping to 3.9 percent in September from 3.5 percent in August.
Sector News
While most of the major sectors are showing only modest moves, networking stocks have moved sharply lower, with the NYSE Arca Networking Index tumbling by 2.3 percent after ending the previous session at a record closing high.
Significant weakness is also visible among housing stocks, as reflected by the 1.4 percent loss being posted by the Philadelphia Housing Sector Index.
Telecom and biotechnology stocks have also shown notable moves to the downside, although selling pressure appears relatively subdued.
Other Markets
In overseas trading, stock markets across the Asia-Pacific region moved mostly higher during trading on Friday. Japan's Nikkei 225 Index advanced by 0.9 percent, while Hong Kong's Hang Seng Index shot up by 1.2 percent.
Meanwhile, the major European markets are turning in a mixed performance on the day. While the German DAX Index is just below the unchanged line, the U.K.'s FTSE 100 Index is up by 0.1 percent and the French CAC 40 Index is up by 0.2 percent.
In the bond market, treasuries have shown a notable move to the downside after trending higher in recent sessions. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, is up by 5.1 basis points at 4.062 percent.
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