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The S&P 500 was little changed on Friday after the market surged to fresh records as investors took signs of weakening jobs and tame inflation to mean the Federal Reserve will lower interest rates next week.
The Dow Jones Industrials decreased in value 147.83 points, to kick off the week’s last session at 45,960.17.
The much broader index inched 0.92 points to 6,588.39
The NASDAQ index gathered 68.76 points to 22,111.87.
The consumer price index showed a month-to-month increase of 0.4% for August, hotter than the 0.3% that economists polled by Dow Jones were expecting. However, the index’s 2.9% rise on a 12-month basis was in line with expectations.
The usually crucial inflation report was overshadowed by weekly jobless claims, which showed a surprise jump to the highest level since October 2021.
Workers filing for unemployment compensation for the week ended Sept. 6 increased 27,000 to 263,000, more than the 235,000 total expected.
The S&P 500 and NASDAQ are up about 1.6% week to date, while the Dow has risen 1.5%.
The S&P 500 is on pace for its best weekly performance since early August and its fifth positive week in six, and the NASDAQ is on track for its second winning week in a row.
The Dow is also poised to post its first positive week in three.
Shares of Warner Bros. Discovery rose $1.91, or 11.8%, to $18.08, in the pre-market on Friday, a day after the stock saw its best day on record.
Prices for 10-year Treasury sagged, raising yields to 4.06% from Thursday’s 4.02%. Treasury prices and yields move in opposite directions.
Oil prices gained $1.07 to $63.44 U.S. a barrel.
Gold prices recovered $18.00 to $3,601.60 U.S. an ounce.
