Dear Readers,
U.S. stock markets closed Friday with gains largely across the board, marking a shift from Thursday's action. Despite surprisingly weak inflation data sparking a selloff in tech stocks, the Dow, S&P 500, and Nasdaq all closed the day with gains of about 0.6%. Conventional wisdom has a rate cut coming after the Fed's meeting in September, but why wait even that long?
Reasons to wait until September are mostly procedural, not economic. Big banks likely agree, as three of them saw their shares drop following disappointing quarterly reports that showed how higher interest rates continue to weigh on their businesses. AT&T shares slipped after disclosing a massive data breach, and social networks Meta Platforms, Snap, Pinterest, and Nextdoor all took a hit after European Union regulators charged Elon Musk's X with breaching its online-content law.
For the week, the Dow picked up a gain of 1.6%, closing above the 40,000 mark on Friday for the first time since May. The S&P 500 closed the week with a 0.8% gain while the Nasdaq edged up 0.3%.
Here’s what else Heard on the Street was watching:
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- The Wall Street Journal’s Evan Gershkovich is being wrongfully detained in Russia after he was arrested while on a reporting trip and accused of spying
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Enjoy the read!
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