Stocks rallied on Friday, with broad-based gains across major indices. The Dow industrials advanced 1.6%, the Nasdaq gained 1%, and the S&P 500 rose 1.1%. Benchmark 10-year Treasury yields slipped just below 4.2%. The Federal Reserve is expected to keep rates at current high levels next Wednesday, while opening the door wider for a cut in September.
One notable decline was seen in Dexcom, which plummeted 41% after cutting its full-year revenue outlook. The company attributed the revenue shortfall to being “short a large number of new patients,” raising concerns about the impact of a drug on its earnings.
On the positive side, Bristol Myers Squibb saw its stock leap 11% after topping earnings expectations. Additionally, four influential technology companies are set to report their results next week, following a selloff among the “Magnificent Seven” that hit the Nasdaq.
Read more about the implications for a new investment landscape and the impact of passive investing on stock indexes. Also, catch up on the latest coverage of notable events in the automotive and financial sectors.
Stay informed with upcoming company earnings reports and key economic events, including a Fed rate decision and monthly jobs data.
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