The S&P 500 experienced a rise on Friday following the release of lower-than-expected inflation data. This positive momentum is contributing to an ongoing winning streak for stocks, as Wall Street aims to extend its year-end rally.
The Dow Jones Industrial Average saw a slight dip of 56 points, equivalent to approximately 0.2%. In contrast, the S&P 500 recorded a gain of 0.2%, while the Nasdaq Composite saw a higher increase of 0.3%.
Nike, a component of the Dow, saw its stock price drop by 11% after revising its sales outlook downwards and announcing plans to cut costs by approximately $2 billion over the next three years.
The latest inflation figures, which are closely monitored by the Federal Reserve, showed a rise of 3.2% on an annual basis for November. This figure was lower than the 0.1% increase expected on a month-over-month basis, as well as the anticipated 3.3% year-over-year rise, as indicated by economists polled by Dow Jones.
These developments in the futures market follow a recovery day on Wall Street, where the Dow registered a gain of 322 points, which accounted for about 0.9% and managed to erase most of its losses from Wednesday. The S&P 500 and Nasdaq Composite also experienced positive growth, rising by 1.0% and 1.3% respectively.
Source (CNBC)
