Nasdaq 100, Dow Jones, S&P 500 News: Major Indexes Eye Weekly Uplift Despite Friday’s Slip

Major Indexes Set for Weekly Gains

Despite a downturn on Friday, the U.S. stock market demonstrated resilience this week. Major indexes, although facing a slight retreat at week’s end, are tracking for notable weekly gains, with the Dow Jones Industrial Average aiming for its best performance this year.

At 15:20 GMT, the Dow is trading 39613.96, 167.41. The S&P 500 Index is trading 5233.33, down 8.20 or -0.16% and the Nasdaq-100 Index is trading 16393.94, up 7.90 or -0.05%.

Weekly Index Trends

Despite Friday’s dip, the week paints a brighter picture: the S&P 500 is poised for a 2.2% rise, the Nasdaq for a 2.5% increase, and the Dow tops the list with a 2.3% gain.

Federal Reserve’s Stance and Market Impact

The week’s optimism is partly attributed to the Federal Reserve’s decision to maintain current interest rates, with Chair Jerome Powell signaling potential rate cuts ahead. This stance helped alleviate investor concerns over recent high inflation figures, boosting market confidence.

Individual Stock Highlights

In individual stock movements, FedEx reported a more than 8% increase after surpassing earnings expectations. Contrastingly, Nike experienced an 8.2% fall following disappointing future guidance and slowed sales in China. Lululemon Athletica faced an 18.6% drop, its most significant decline since March 2020, due to unimpressive guidance and decelerating growth in North America.

Market Outlook

Concluding the week, the market indicates a bullish outlook in the short term, despite Friday’s pullback. The anticipation of easing Federal Reserve policies and robust earnings reports from companies like FedEx bolster market confidence.

This positive sentiment overshadows the sector-specific concerns such as those in consumer discretionary and technology. Investors should stay attentive to central bank updates, which will continue to play a crucial role in shaping market direction in the upcoming period.

With a general market rebound for the week and supportive economic signals, the short-term view leans towards continued market strength.

Technical Analysis

E-mini S&P 500 Index futures are trading lower on Friday. However, the benchmark remains in a position to challenge yesterday’s record high at 5322.75 and the upper level of a rising wedge at 5332.00. Overtaking this level could fuel an acceleration to the upside.

On the downside, the nearest support is the rising wedge at 5210.75.