NEW YORK: US stocks ended mixed on Friday, with gains in healthcare offsetting a dip in some of Wall Street’s most valuable companies. Nvidia, Microsoft and Meta Platforms lost ground, while the S&P 500 utilites sector gained the most.
Netflix dipped for a second straight day after the video streaming company’s quarterly results this week failed to impress.
Analysts attributed Friday’s choppy trading to the expiration of monthly options and the expected special rebalancing of the multi-trillion dollar Nasdaq 100 at the close of trading.
According to preliminary data, the S&P 500 gained 1.81 points, or 0.04%, to end at 4,536.68 points, while the Nasdaq Composite lost 30.32 points, or 0.22%, to 14,032.99. The Dow Jones Industrial Average rose 8.21 points, or 0.02%, to 35,233.39.
The Nasdaq has rallied about 34% this year, lifted by optimism over artificial intelligence, a relatively resilient US economy and expectations that the Federal Reserve’s aggressive rate hike cycle will end soon.
While the Fed is widely expected to raise interest rates by 25 basis points at its July 25-26 meeting, investors have mixed views on the central bank’s longer-term monetary policy.
American Express fell after the credit card giant missed quarterly revenue estimates and affirmed its full-year profit forecast.
SLB declined after the top oilfield services firm missed quarterly revenue expectations due to moderating drilling activity in North America.
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