Breaking News: S&P 500 closes higher as recovery in tech stocks continues after recession fears ease
The S&P 500 closed Friday with tech stocks leading the way as the market continued its recovery from a major selloff earlier in the week. At 16:00 ET (20:00 GMT), the S&P 500 rose 0.1%, the Nasdaq climbed 0.5%, and the Dow gained 0.5%. This comes after a turbulent week that saw concerns about a recession grip investors, but those fears have since eased with positive economic data.
Key inflation data is on the horizon, with Wall Street eagerly awaiting the next week's Consumer Price Index report. There is growing belief that US inflation is stabilizing, which could pave the way for the Federal Reserve to start lowering interest rates starting in September. Traders have been pricing in a larger rate cut of 50 basis points, up from the previous expectation of 25 basis points.
In corporate news, Paramount Global saw a surge in its stock price after announcing job cuts to reduce costs. Expedia also experienced a significant increase in its stock price after beating quarterly expectations despite a softening in travel demand. However, Array Technologies and ELF Beauty saw declines in their stock prices after lowering guidance and cautioning about future performance.
In conclusion, the market is showing signs of recovery after a tumultuous week, with investors cautiously optimistic about the future. Keep an eye on inflation data and corporate earnings reports for further insights into the market's direction.