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NRIPage | Articles | US Stocks Open Lower as Investors Pause After Fed Rate Cut | Get Latest International News & Updates. Your Source for World Events and Updates - NRI Page
US stocks experienced a lower opening on Friday as investors took a moment to reassess following a robust rally spurred by the Federal Reserve's significant interest rate cut earlier this week. The Dow Jones Industrial Average fell by 120 points, or 0.3%, landing at 41,906.55. Meanwhile, the tech-heavy Nasdaq Composite decreased by 0.2%, settling at 17,950.7. The S&P 500 also saw a dip, declining by as much as 0.26% to 5,698.93.
Despite the overall market downturn, nine of the eleven sectoral indices were trading in the green, with utilities and telecommunications sectors seeing gains. However, industrials and energy sectors led the declines. Notable stock movements included a 4% gain for Facebook parent Meta Platforms Inc. and a 7% increase for Nike. In contrast, shipping giant FedEx suffered a significant setback, shedding 14% after reporting a sharp drop in profits and revising its full-year guidance downward.
Friday's market dip followed a day of record highs for the S&P 500 and Dow, fueled by encouraging unemployment data and the Fed's half-point rate cut, which bolstered investor sentiment. Overall, the three major US benchmarks remain on track for weekly gains.
Additionally, the US dollar strengthened against major currencies, with the Bloomberg Dollar Index up 0.2% at 100.82. The yen weakened against the dollar after Bank of Japan Governor Kazuo Ueda stated that the bank would not hastily increase interest rates. In commodity markets, spot gold prices rose by 0.8% to $2,607.9 an ounce, while international benchmark Brent oil fell by 1% to $74 per barrel. Despite this dip, oil prices are still on course to register gains for a second consecutive week following the recent cut in US interest rates and declining global stockpiles.
