Futures tied to the Dow Jones Industrial Average traded near flat Friday, after the blue-chip average briefly topped the key 40,000 level for the first time in the previous session. Futures connected to the 30-stock index were unchanged, as were S&P 500 futures and Nasdaq 100 futures. While it was a modestly down day for the three major averages, there was no shortage of excitement among market participants. The Dow reached an intraday high of 40,051.05, above the psychologically important 40,000 level, before pulling back to end the day down 0.1%. “The Dow’s remarkable rise has exceeded many expectations, including my own, but our perspective remains unchanged,” said Todd Morgan, chairman at Bel Air Investment Advisors. “Through wars, recessions, elections, impeachments, financial crises and on and on, investing for the long term in high-quality stocks is the key to building wealth.” The broad S&P 500 retreated about 0.2% on Thursday after breaking above the closely watched 5,300 level for the first time a day prior. Meanwhile, the Nasdaq Composite finished Thursday’s session down nearly 0.3% after also reaching an all-time high. These milestones come amid hopes that rates have peaked, according to Thomas Martin, senior portfolio manager at Globalt Investments. Continued optimism around artificial intelligence and corporate earnings growth also helped push the market into these uncharted waters, he added. Despite the weak end to Thursday’s session, the indexes are on track to end the week with gains. The Nasdaq Composite is leading the way with a 2.2% advance, followed by the S&P 500′s 1.4% rise. The Dow is tracking to close the week 0.9% higher. This week’s ascent has helped propel the three indexes into positive territory for the second quarter despite a tough start. The S&P 500 and Nasdaq are now each up more than 11% in 2024, while the Dow has climbed more than 5% on the year. Investors will watch for leading indicators data due Friday morning. There are no major financial reports from companies expected as earnings season winds down. U.S. Treasury yields held steady on Friday as investors considered the state of the economy after digested the week’s economic data. The yield on the 10-year Treasury was up by more than 2 basis points at 4.4%. The 2-year Treasury yield was last at 4.795% after edging slightly higher. Stocks in China and Hong Kong got a boost on Friday after China’s central bank announced sweeping measures to boost the slumping property market. Mainland China’s CSI 300 index rose 1% on Friday, closing at 3,677.97 and marking an eight month high, while Hong Kong’s Hang Seng index also gained about 1%, powered by real estate stocks. Japan’s Nikkei 225 slid 0.34% to, 38,787.38, while the broad-based Topix reversed early declines to add 0.3%, ending the day at 2,745.62. Both indexes recorded weekly gains of 1.51% and 0.89% respectively. South Korea’s Kospi was down 1.03%, closing at 2,724.62 after the country’s unemployment rate remained unchanged at 2.8% in April, while the small-cap Kosdaq dropped 1.76% to 855.06. In Australia, the S&P/ASX 200 fell 0.85% to 7,814.4. Oil steadied on Friday, with global benchmark Brent heading for its first weekly gain in three weeks, as economic indicators from big consumers China and the United States bolstered hopes for higher demand. China’s industrial output rose 6.7% year on year in April as recovery in its manufacturing sector gathered pace, accelerating from 4.5% in March and pointing to possibly stronger demand to come. China also announced major steps to stabilise its crisis-hit property sector. Brent crude oil gained 1 cent to $83.28 a barrel. U.S. West Texas Intermediate (WTI) crude added 1 cent, or to $79.24. Brent is on track for an increase of about 0.6% over the week, with WTI on course for a 1.3% gain. Gold prices appeared set for a second consecutive weekly gain on Friday, after recent U.S. inflation data fueled expectations that the Federal Reserve could cut interest rates this year. Spot gold was up 0.1% at $2,379.14 per ounce, as of 0236 GMT. Bullion prices have gained 0.7% so far this week. U.S. gold futures were flat at $2,383.20. The dollar index was down 0.6% for the week so far, against its rivals, making gold less expensive for other currency holders.
Roodeweg 222, Willemstad, Curaçao