Written by The Banking Post
Wall Street finished with a split performance on Friday as traders positioned for next week’s Federal Reserve policy meeting, widely expected to deliver an interest-rate cut.
The Dow Jones Industrial Average fell 0.6% to 45,834.22, while the S&P 500 was little changed at 6,584.29. The Nasdaq Composite gained 0.5% to 22,141.10, lifted by tech shares.
A University of Michigan survey showed consumer sentiment slipped in early September, especially among low- and middle-income households. The data followed inflation figures that met forecasts and fresh signs of a softening labour market.
Taken together, the numbers strengthened expectations that the Fed will trim rates by 25 basis points when its two-day meeting ends Wednesday.
“It really is all about the Fed,” said Christopher Low of FHN Financial, noting investors will parse the bank’s new economic projections for clues on how many cuts could follow.
