Market Commentary - Foreign Markets
US stocks end narrowly mixed; DOW at fresh record As on : 23-Sep-24  11:08

US stocks moved mostly lower early in the session on Friday but regained ground over the course of the trading day. The major averages climbed well off their worst levels of the day before eventually closing narrowly mixed. While the Dow inched up 38.17 points or 0.1 percent to a new record closing high of 42,063.36, the S&P 500 slipped 11.09 points or 0.2 percent to 5,702.55 and the Nasdaq fell 65.66 points or 0.4 percent to 17,948.32. Even with the mixed performance on the day, the major averages all posted strong gains for the week. The Dow shot up by 1.6 percent, while the Nasdaq and the S&P 500 jumped by 1.5 percent and 1.4 percent, respectively.

Among stocks, FedEx plunged 15.2% after posting weak earnings and lowering its revenue forecast, while Nike shares surged 6.9% following the announcement of Elliott Hill as the new CEO. The yield on the benchmark ten-year note, which moves opposite of its price, edged down by 1.2 basis points to 3.728 percent. Dollar index lingers around 100.46. While the Fed has already signaled plans to continue lowering rates in the coming months, the data could still impact market sentiment. Reports on durable goods orders, new home sales and consumer confidence are likely to attract attention this week along with a report on personal income and spending that includes the Fed's preferred inflation gauge.

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