Stocks stumbled on Friday, dampening the overall market performance. Nevertheless, the major indices were on track for a positive week, with the Dow Jones Industrial Average poised to record its strongest week of the year.
The Dow Jones Industrial Average saw a slight decline of 40 points, or 0.1%, hovering near the 40,000 mark. The S&P 500 experienced a marginal drop of 0.1%, while the Nasdaq Composite slipped by 0.2%.
Despite the Friday’s setback, all three major indices are set to register significant gains for the week. The S&P 500 is expected to post a 2.4% increase, with the Nasdaq showing a 2.6% upswing. The Dow leads the pack with a 2.7% gain through Thursday’s close, positioning itself for the best weekly performance since December.
FedEx surged by more than 8% after exceeding analyst expectations with its adjusted earnings. Conversely, Nike saw an 8% decline due to disappointing guidance and decelerating sales in China. Lululemon faced a 17% slide as a result of underwhelming guidance and slowing growth in North America, marking its worst day since March 2020.
Having achieved record levels on Thursday for the second consecutive day and reaching all-time intraday highs, the major indices have maintained their winning streak for four consecutive sessions.
Source (CNBC)
