As Wall Street anticipated the conclusion of a week marked by a rotation, stocks fell on Friday in anticipation of an interest rate cut.
The tech-heavy Nasdaq Composite and the broad S&P 500 both had losses of 03.0%. Retraction of 303 points, or 0.8%, was experienced by the Dow Jones Industrial Average.
The movements on Friday indicate that there have been decreases all day. The focus of the market this week, however, seems to be shifting towards stocks like small caps that are thought to stand to gain more from the Federal Reserve’s interest rate reductions.
The S&P 500 is headed for its lowest week since April after falling more than 1.5%. A six-week winning streak is in jeopardy as the Nasdaq has dropped more than 3%.
Nevertheless, the Dow is roughly 1% higher, compared to the more than 1.5% increase in the small-cap oriented Russell 2000.
Source (CNBC)