Stock prices dropped on Friday, but Wall Street is poised for a profitable week.
The Dow Jones Industrial Average dropped 54 points, or 0.16%, on the day. The Nasdaq Composite was down 0.29% while the S&P 500 fell by 0.34%.
The price of the recently launched Arm Holdings increased by 6%. Even after reporting better-than-expected quarterly results, Adobe’s share price dropped by more than 3%. Despite a top- and bottom-line improvement, Lennar fell more than 4%.
Ford Motor, General Motors, and Stellantis N.V. all saw gains on Friday in the automotive sector. After failing to negotiate a settlement with the manufacturers Thursday night, thousands of United Auto Workers members went on strike.
Stocks are coming off a positive session as Wall Street welcomed the potential end of a protracted technology IPO drought and evaluated a fresh set of economic data. For the first time in three sessions, the Dow increased by 331.58 points, or 0.96%, recording its greatest daily performance in more than a month. While the Nasdaq Composite increased 0.81%, the S&P 500 gained 0.84%.
The Dow is expected to rise almost 1% and post its second positive week in three, which bodes well for the stock market. The S&P and Nasdaq have increased by around 1.1% and 1.2%, respectively, putting them on course for their third successful week in four.