Even though stocks increased on Friday, Wall Street is predicted to post a loss due to fresh concerns that the Federal Reserve may hike interest rates more than anticipated.
The Nasdaq Composite increased by 0.3%, while the S&P 500 increased by 0.3%. 91 points, or 0.25%, were added to the Dow Jones Industrial Average.
As oil prices increased, energy stocks increased. With a 1.3% rise, the S&P 500 sector is on track to post a 1.7% weekly gain. Marathon Petroleum, Valero Energy, and Phillips 66 all saw significant gains of 3% or more each.
The recent session struggles of technology stocks were overcome. Apple gained more than 1% following two days of losses. Each of Tesla, Meta Platforms, and Microsoft saw gains of more than 1%. The payments company’s systems breakdown caused a 5% decline in the value of Block’s shares.
According to Bryce Doty, senior vice president and portfolio manager at Sit Investment Associates, investors may be taking some solace in the fact that there was no terrible news released on Friday after a series of stronger-than-anticipated economic data indicators earlier in the week.
Investors face a Catch-22 when considering the economy, he claimed. “If it appears that we will avoid a hard landing, we receive some positive economic data, and there is a sigh of relief swiftly followed by an increase in expectation of Fed rate hikes,” says the author.