The S&P 500 snapped a three-week winning streak
Stocks were a mixed bag Friday. The Dow logged its seventh consecutive daily loss and a weekly drop, while the S&P 500 snapped a three-week winning streak. Elsewhere, the Nasdaq finished the week higher, the only index to do so thanks to Broadcom (AVGO) crossing the $1 trillion market cap.
With inflation data in the rearview mirror, Wall Street turned its eyes towards the Federal Reserve's upcoming interest rate decision. According to the CME FedWatch tool, there's a 97% chance that the central bank will cut interest rates at its meeting next week.
Continue reading for more on today's market, including:
- Can Robinhood stock continue its ascent?
- Inflation data was the talk of the town this week.
- Plus, behind Broadcom's major milestone; UPST's bull note; and a red-hot tax tip.
5 Things to Know Today
- Apple (AAPL) and Alphabet (GOOGL) urged to drop TikTok. (CNBC)
- Trump could bring back the SALT income-tax deduction. (MarketWatch)
- Broadcom surpassed $1 trillion today.
- Analyst note helped Upstart stock surged.
- Don't forget, 2024 tax time is coming up.
Oil Posts Biggest Weekly Gain in Three Weeks
Oil prices turned in a 5.7% weekly win, their largest weekly pop in three weeks despite a supply surplus forecast at the International Energy Agency (IEA). Black gold also climbed for the session, with February-dated West Texas Intermediate (WTI) crude adding 85 cents, or 1.6%, to settle at $71.11 per barrel.
Gold prices fell Friday, but turned in a win on the week as investors anticipated the Fed's interest rate cut next week. For the session, gold for December delivery lost 1.1% to settle at $2,678.50 an ounce, but popped 1% this week.