US Stocks Finish the Week Higher
US stocks closed higher on Friday with the S&P 500 up 0.2%, the Nasdaq up 0.4% and the Dow up 0.2% as a light PCE print and firmer Michigan sentiment reinforced odds of a 25bp Fed cut next week, with traders pricing roughly an 87% chance of a move.
Core PCE rose 0.2% in September and the annual rate eased to 2.8% while Michigan showed improving confidence and softer near-term inflation expectations.
Mega caps largely drove the advance with Alphabet (+1.2%), Meta (+1.8%) and Broadcom (+2.4%) leading the gains, while Microsoft added 0.5%, Tesla edged 0.1%, Apple slipped 0.7% and Nvidia eased 0.5%. Netflix fell 2.9% after unveiling the Warner Bros Discovery deal though losses narrowed on reports of regulatory scrutiny.
Tech breadth broadened as XLK notched a tenth straight session and Salesforce jumped 5.3% on strong results, leaving the S&P up 0.4% for the week, the Nasdaq 0.9% higher and the Dow at 0.5%.
Source: Tradingeconomics.com
