Wall Street moved modestly higher by midday Friday, yet major indexes remain on pace to break a three-week winning streak. At midday, the S&P 500 was up 0.4% to 6,630, while the Nasdaq 100 gained 0.2% to 24,440. The Russell 2000, the benchmark small-cap index, rebounded 0.5%.
The Federal Reserve's preferred inflation gauge showed no signs of cooling in August, remaining stubbornly high and reigniting questions over whether the market’s aggressive rate-cut bets are truly justified.
Wall Street retreated on Thursday, with major indexes heading for a third straight day of losses as stronger-than-expected economic data reduced hopes for near-term Fed rate cuts and lifted the dollar.
The influence of Jerome Powell over the stock market may be fading fast as investors begin to pay closer attention to the voices likely to shape the Federal Reserve’s next era—especially those on President Donald Trump's shortlist of potential replacements.
Wall Street is on track for its third straight day of gains, with major large-cap indices extending records as investors remain optimistic about corporate earnings and upcoming rate cuts.
Morgan Stanley raised its price target to $209, up from $172, reflecting increased confidence in Applied Materials’s exposure to memory and DRAM markets.
