S&P 500 futures inched higher Friday as Wall Street closes out a huge week after investors got the pause in rate hikes from the Federal Reserve they were hoping for and encouraging inflation data. S&P 500 futures rose about 0.2%. Futures tied to the Dow Jones Industrial Average added 43 points, or 0.1%. Nasdaq 100 futures added 0.3%.

Here are the major market milestones on the week:

  • The S&P 500 is up nearly 3% on the week, its best performance since March.
  • It’s the S&P 500′s fifth positive week in a row, the first such streak since November 2021.
  • The benchmark is now up more than 26% from its bear market low.
  • The Nasdaq Composite is up nearly 4% on the week, its best week since March.
  • The Nasdaq is up 8 weeks in a row, its best winning streak since 2019.
  • Both the Nasdaq and S&P 500 were up 6 days in a row through Thursday.
  • The Dow Jones Industrial average was up 1.6% for the week, its third positive week in a row.
  • The S&P 500 and Nasdaq are at their highest levels since April 2022.
The Federal Reserve delivered what investors wanted this week when the central bank on Wednesday left rates unchanged after 10 consecutive hikes. While the Fed signaled that two more rate increases were coming this year, many traders and economists on Wall Street believe they could be nearly done. Earlier in the week, the May consumer price index came in a the lowest in two years. Adobe added more than 4% in premarket trading after beating results and issuing upbeat guidance, the latest tech stock to rally. A.I.-darling Nvidia is up 10% this week, adding to its 191% surge this year. Microsoft is up more than 6% this week and hit a record on Thursday. Tech shares were the hardest hit initially when the Fed embarked on its rate-hiking campaign. “Investors look for a variety of reasons to say: ‘OK, does this move have legs? Is it sustainable?,’” said Sam Stovall, chief investment strategist at CFRA Research. “What they’re finding is yes, it is sustainable over the long haul.” Market participants will watch Friday for consumer sentiment data due in the morning. Friday’s session will likely be volatile given the quarterly rebalancing of some indexes and expiration of some options expected to take place. This so-called quadruple witching can result in a surge of market volatility and trading volume. However, expiration week often tends to be higher during bull markets and lower in bear markets, according to the Stock Trader’s Almanac. That may bode well at least for the S&P 500 and Nasdaq Composite, which are posting strong weeks thus far. Friday also marks the final trading day before a long weekend, with the market closed Monday in observation of Juneteenth. Asia-Pacific markets are higher Friday, as the Bank of Japan again left its benchmark interest rate unchanged at -0.1%. In Japan, stocks reversed earlier losses to end the day higher, with the Nikkei 225 closing up 0.66% at 33,706.08 and the Topix advancing 0.28% to end at 2,300.36. Both indexes are at 33-year highs. Australia’s S&P/ASX 200 gained 1.06% to close at 7,251.2, its largest one-day gain in about two months. South Korea’s Kospi was up 0.66%, closing at 2,625 and snapping two straight days of losses, while the Kosdaq rose 1.13% to finish at 887.95. Hong Kong’s Hang Seng index climbed 0.82%, extending its rally after gaining over 2% on Thursday, while mainland Chinese stocks also were all higher. The Shanghai Composite was up 0.63% to end at 3,272.33 and the Shenzhen Component rose 1.11% to record its seventh-straight day of gains. Oil slipped on Friday as a weaker economic outlook and the prospect of further interest rate hikes dogged sentiment, outweighing a tighter market in the second half of the year owing to higher Chinese demand and OPEC+ supply cuts. “Concerns about demand continue to predominate on the oil market,” Commerzbank analysts said in a report on Friday. “It seems that the market needs more ‘hard’ facts to confirm any tight supply on the market.” Brent crude fell 52 cents, or 0.7%, to $75.15 a barrel while U.S. West Texas Intermediate (WTI) crude slipped 61 cents, or 0.9%, to $70.01. Gold prices changed course to trade higher on Friday, although expectations of higher-for-longer interest rate hikes in the United States by the Federal Reserve capped further upside. Spot gold rose 0.3% to $1,964.09 per ounce. U.S. gold futures edged 0.3% higher to $1,976.70.