**NEW YORK (Reuters)** – The New York Stock Exchange closed nearly unchanged on Friday, as investors took a breather following significant gains from the previous session, sparked by a notable interest rate cut from the Federal Reserve.
After experiencing their largest daily percentage increases since mid-August on Thursday, the S&P 500 and Dow Jones held steady, while the Nasdaq Composite saw a decline. Despite the mixed outcomes on Friday, all three indices managed to post weekly gains of approximately 1.5%.
The Dow Jones climbed 0.09%, or 38.17 points, to reach 42,063.36 points. Conversely, the broader S&P 500 dipped by 11.09 points, or 0.19%, ending at 5,702.55 points. The Nasdaq fell by 65.66 points, or 0.36%, closing at 17,948.32 points.
Initially starting the session in negative territory, stocks moderated their losses after remarks from Fed Governor Christopher Waller fueled optimism for a potential 50-basis-point rate cut in the upcoming November meeting. This follows a recent cut of the same magnitude on Wednesday. However, fellow Fed member Michelle Bowman argued that a more modest 25-basis-point reduction would have been preferable this week.
“The market is still trying to recalibrate, as some participants anticipated a 50-basis-point cut, while the majority did not,” noted Sid Vaidya, chief U.S. strategist at TD Wealth in New York. “Investors should adopt a selective approach, given expectations of slight growth slowdowns and the stretched valuations of large-cap stocks.”
In individual stock movements, FedEx saw a drastic decline of over 15% after it revised its annual revenue forecast downward. Meanwhile, Intel gained 3.4%, following reports that Qualcomm had approached the company regarding a potential acquisition of part of its business, which led to Qualcomm’s 2.8% drop.
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