Wall Street ends mixed: Nasdaq rises, Dow falls as banks weigh

Reuters

Wall Street ends mixed: Nasdaq rises, Dow falls as banks weigh

8:31 chiều giờ GMT, 25 Tháng 10 2024

<html xmlns="http://www.w3.org/1999/xhtml"><head><title>LIVE MARKETS-Wall Street ends mixed: Nasdaq rises, Dow falls as banks weigh</title></head><body>

Nasdaq ends up ~0.6%; S&P 500 ~flat, Dow off ~0.6%

Utilities weakest S&P sector; Comm Svcs leads gainers

Dollar, gold up; crude up ~2%; bitcoin off ~2%

U.S. 10-Year Treasury yield rises to ~4.24%

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WALL STREET ENDS MIXED: NASDAQ RISES, DOW FALLS AS BANKS WEIGH

Shares on Wall Street ended mixed on Friday. The Nasdaq .IXIC closed higher led by megacap stocks, with chip heavyweight Nvidia NVDA.O gaining and briefly overtaking Apple AAPL.O as the world's most valuable company based on its shares. The IXIC earlier hit a record intra-day high.

The S&P 500 .SPX ended roughly flat, surrendering earlier gains, while the Dow .DJI fell, weighed down by McDonald's MCD.N as the fast-food chain deals with an E. coli outbreak linked to its hamburgers. The Dow was also pressured by weakness in some bank shares led by Goldman Sachs GS.N and JPMorgan Chase JPM.N.

Dave Rosenberg, founder and CEO of Rosenberg Associates, put out his latest technical note on the S&P 500 late on Friday and the prognosis is not very flattering. He wrote that based on his measure of long-term momentum, the S&P 500 is on pace to peak by as early as December and be in a "confirmed downtrend" by January to February.

"At this early stage, the initial expectation is that the subsequent long-term bearish bias will persist through much of 2025 and possibly into 2026," Rosenberg said.

Investors are also looking to next week's bevy of results from giant tech firms including Alphabet GOOGL.O, Apple and Microsoft MSFT.0.

The U.S. nonfarm payrolls report is also due out next week and that should help guide the data-dependent Federal Reserve on the magnitude of the rate cuts this year and next.

U.S. nonfarm payrolls are expected to show that new jobs of 123,000 jobs were added in October, according to a Reuters poll. Analysts say the risk is on the downside for jobs, with hurricanes likely and the Boeing BA.N strike likely weighing on the numbers.

Here is the closing market snapshot:

(Gertrude Chavez-Dreyfuss)

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