Wall Street Enjoys Late-Week Rally On Benign Inflation Data, Dow Jones Eyes Best Session Of 2024, Tech Unwinding Stalls: What's Driving Markets Friday?

Benzinga07-27

After a turbulent week in the markets, the bulls reclaimed dominance on Wall Street during Friday’s session, with indices and sectors trading in positive territory as investors welcomed the latest ...

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Tthe core component slightly exceeded expectations, remaining steady at 2.6% annually.\nInvestors are unwavering in their expectations for a Fed interest rate cut in September, assigning it a 100% probability and factoring in nearly three cumulative rate cuts by year-end.\nThe Dow Jones Industrial Average led the charge on Friday, with the blue-chip index surging 1.9%, setting the stage for its strongest session this year. The tech-heavy Nasdaq 100 rebounded significantly, climbing 1.6%, which halted the tech sector’s decline but wasn’t enough to reverse a negative weekly close. \nThe Russell 2000, as tracked by the iShares Russell 2000 ETF IWM, also posted a solid gain of 1.3%.\nRate-sensitive sectors continued their rally, with homebuilders, as tracked by the SPDR Homebuilders ETF XHB, rising over 3% for the day, reaching all-time highs and marking their third consecutive positive weekly close.\nIn the bond market, Treasuries rose as yields dipped slightly, especially in longer-dated maturities.\nGold also rallied, increasing by 1%, while oil prices dropped by 1%. Bitcoin BTC/USD rose 2.5%, marking its second consecutive positive session after three negative ones.\nFriday’s Performance In Major US Indices, ETFs\nMajor IndicesPrice1-day %chgDow Jones40,712.071.9%S&P 5005,483.841.6%Nasdaq 10019,116.901.5%Russell 20002,252.381.3%Updated at 1:00 p.m. ET\nAccording to Benzinga Pro data:\n\nThe SPDR S&P 500 ETF Trust SPY was 1.5% higher to $546.75.\nThe SPDR Dow Jones Industrial Average DIA rose 2% to $407.34.\nThe tech-heavy Invesco QQQ Trust (ARCA: QQQ) rose 1.5% to $465.21.\nSector-wise, the Industrials Select Sector SPDR Fund XLI outperformed, up by 2.3%, while the Energy Select Sector SPDR Fund XLE lagged, up 0.5%.\n\nFriday’s Stock Movers\nStocks moving on earnings were:\n\n3M Company MMM, up 19%. \nAon plc AON up 6.4%. \nAvantor Inc. AVTR up 12%.\nBarnes Group Inc. B, down 3%.\nBJ’s Restaurants, Inc. BJRI, down 12%.\nBooz Allen Hamilton Holding Corp. BAH down 10%. \nBoyd Gaming Corporation BYD, up 5.4%.\nBristol-Myers Squibb Company BMY, up 9.7%. \nCentene Corp. CNC up 9.8%. \nCharter Communications, Inc. CHTR up 16.2%.\nColgate-Palmolive Company CL up 3.7%. \nDeckers Outdoor Corporation DECK up 7.9%.\nDexCom, Inc. DXCM down 42%. \nFranklin Resources Inc. BEN up 1.9%.\n Juniper Networks, Inc. JNPR flat. \nMohawk Industries, Inc. MHK up 19%. \nNewell Brands Inc. NWL up 39%. \nSaia Inc. SAIA down 20%. \nSkyWest, Inc. SKYW down 6.5%. \nT. Rowe Price Group TROW down 2.8%. \nVeriSign, Inc. VRSN up 3.3%. \n\nRead Now:\n\nInvestors Go All In On Small Caps, Pour Over $6 Billion Into Russell 2000 ETF This Month: They ‘Will Return To Larger-Cap Alternatives,’ Veteran Analyst Says\n\nIllustration via Shutterstock. Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. 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