Stocks dipped Friday morning as Wall Street wrapped up a shortened holiday week, though major indexes remain poised for weekly gains, according to the Associated Press.
The S&P 500 dropped 1% but is still set to end the week with a 0.8% gain. The Dow Jones Industrial Average fell 191 points, or 0.5%, to 43,177, while the Nasdaq composite declined 1.6%. Both the Dow and Nasdaq are also on track for positive weekly performances.
Investors had little major news to digest as markets near a strong annual finish. The S&P 500 is on pace for a more than 25% gain in 2024, marking the first back-to-back annual increases of over 20% since 1997–1998.
These gains have been fueled by solid economic data, including strong consumer spending and a resilient labor market. Inflation, though still elevated, has shown steady signs of easing.
A Friday report revealed wholesale trade sales and inventory estimates fell 0.2% in November, following a slight October uptick. This underwhelming update comes after Thursday’s labor market report showed steady unemployment benefit claims.
Bond yields remained stable, with the 10-year Treasury yield holding at 4.59% and the two-year Treasury slipping slightly to 4.32%.
Looking ahead, Wall Street anticipates more economic updates next week, including data on pending home sales, home prices, construction spending, and manufacturing activity.
