Despite Friday’s S&P 500 gain, the market was still expected to close the week with significant losses.
While the Nasdaq Composite rose 0.4%, the broader market index increased by 0.2%. The Dow Jones Industrial Average declined by 11 points and was trading relatively flat.
After a source told CNBC that Ford was making headway in talks with the striking United Auto Workers union, the automaker’s stock increased more than 2%. Stellantis traded higher as well, whilst General Motors declined.
These actions signal a turnaround after the major averages’ three-day losing skid. Investors responded negatively to the Federal Reserve’s statement that it wanted to maintain interest rates higher for longer, which led to the losses.
This week, the S&P 500 and the heavily weighted Nasdaq Composite in terms of technology are down 2.3% and 2.9%, respectively. The lowest weekly performance since March for each and the third consecutive week of poor performance. The blue-chip Dow fell 1.5% for the entire week.
Source (CNBC)
