Stock market today: live updates

Stocks fell on Friday as Wall Street wrapped up a huge week in which investors got a break from Federal Reserve rate hikes, plus encouraging inflation data.

The S&P 500 ticked down 0.37% to close at 4,409.59, while the Dow Jones Industrial Average fell 108.94 points, or 0.32%, to close at 34,299.12. The Nasdaq composite lost 0.68% to end the session at 13,689.57.

Here are the main market milestones of the week:

• The S&P 500 is up 2.6% this week, its best performance since March.
• It is the S&P 500’s fifth positive week in a row, its first such streak since November 2021.
• The benchmark is now up more than 26% from its bear market low.
• The Nasdaq Composite is up about 3.3% this week, its best week since March.
• The Nasdaq is up eight weeks in a row, its best winning streak since 2019.
• Both the Nasdaq and S&P 500 were up six days in a row through Thursday.
• The Dow Jones Industrial Average rose almost 1.3% this week, its third positive week in a row.
• The S&P 500 and Nasdaq have reached their highest levels since April 2022.

The Federal Reserve did what investors wanted this week when the central bank left interest rates unchanged after 10 consecutive hikes on Wednesday. While the Fed signaled two more rate hikes this year, many traders and economists on Wall Street think the Fed could be close to done. Earlier this week, the May consumer price index reached its lowest level in two years.

Adobe added 0.9% after beating results and giving bullish guidance, the latest tech stock to rise. AI darling Nvidia gained 10% this week, contributing to its 192% increase this year. Microsoft added 4.7% this week and hit a record on Thursday. Tech stocks were initially hardest hit as the Fed embarked on its rate hike campaign.

“Wall Street remains optimistic that the AI ​​wave will not subside anytime soon and that investors will prefer US equities as we see diverging central bank policies around the world,” said Ed Moya, senior market analyst at Oanda. “This stock market rally seems a bit over the top, but too much money is sitting on the sidelines, which means if AI trading remains intact, this winning streak for the S&P 500 could continue.”

Friday brought more good news in terms of inflation and the economy. Consumer inflation expectations fell in June, with one-year assumptions for price pressures falling from 4.2% in May to 3.3%. The University of Michigan Survey of Consumers’ headline came in at 63.9, higher than Dow Jones’ estimates of 60.2.

Friday’s session saw choppy moves across the stock market as stock options, index futures and index futures option contracts.

Friday also marks the last trading day before a long weekend, with the market closed on Monday for Juneteenth observation.