US stocks experienced a rollercoaster of a week, with the S&P 500, Nasdaq Composite, and Dow Jones Industrial Average all wavering in morning trading on Friday. The S&P 500 sank 0.2%, the Nasdaq Composite slumped about 0.4%, and the Dow Jones Industrial Average edged lower by 0.2%. This volatility comes after the worst rout of the year on Monday, which saw Wall Street’s „fear gauge,“ the CBOE Volatility Index, soar to its highest levels since the pandemic.
Despite the turbulence, Thursday brought some relief to investors as a positive report on weekly jobless claims provided a glimmer of hope. Both the S&P 500 and Nasdaq rallied over 2%, with the S&P posting its best day since late 2022. This turnaround was a welcome sight for many, considering the ups and downs of the market throughout the week.
As the week comes to a close, the major indexes could end near where they started. After Thursday’s session, the benchmark S&P 500 was down about 0.5% from the previous Friday’s close. This stability amidst the chaos is a reminder for investors to stay calm and focused on the long-term outlook.
Friday’s trading session is relatively quiet, with no significant economic releases or earnings on the agenda. However, individual stocks like Nvidia and Paramount are still in focus after experiencing their own wild swings throughout the week. Nvidia’s stock rose slightly in premarket trading, while Paramount’s stock jumped over 5% following news of its first-ever streaming profit and planned layoffs.
In other news, former President Donald Trump made headlines by expressing his desire to have a „say“ in setting interest rates if he is reelected. This statement raises concerns about the potential impact on the independence of the Federal Reserve if Trump were to return to the Oval Office. Allies of the former president have floated various ideas that could undermine the central bank’s autonomy, including the possibility of Trump playing a role in setting interest rates.
Overall, the week has been a tumultuous one for US stocks, with investors navigating through uncertainty and market fluctuations. As the week draws to a close, the focus remains on staying steady amidst the chaos and looking towards the future with cautious optimism.