{"id":24234,"date":"2023-06-18T09:36:06","date_gmt":"2023-06-18T13:36:06","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/stock-market-today-dow-slips-but-extends-weekly-gain-following-fed-pause\/"},"modified":"2023-06-18T09:36:07","modified_gmt":"2023-06-18T13:36:07","slug":"stock-market-today-dow-slips-but-extends-weekly-gain-following-fed-pause","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=24234","title":{"rendered":"Stock market today: Dow slips, but extends weekly gain following Fed pause"},"content":{"rendered":"
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\u00a9 Reuters <\/span>
\n<\/i>\n<\/div>\n

Investing.com — The Dow stumbled Friday, but still notched a three-week win streak after the Federal Reserve paused rate hikes earlier this week.<\/p>\n

The fell 0.3%, or 108 points, though ended the week up 2%. The fell 0.7%, while the fell 0.4%, but still closed up about 3% for the week, its best weekly performance since March.<\/p>\n

Technology stocks were the drag on the broader market, paced by a 1% decline in Alphabet (NASDAQ:) and Microsoft Corporation (NASDAQ:), while semiconductor stocks also ran out of steam following an AI-led rally.<\/p>\n

Adobe Systems (NASDAQ:), however, rose 1% after lifting its annual outlook on earnings following that topped Wall Street estimates on both the top and bottom lines.<\/p>\n

The software maker said that it was focused on \u201cadoption (not revenue) near-term, and that any 4Q\/Nov AI revenue lift will be immaterial and it will announce pricing details later this year,\u201d UBS said, though adding that most investors are likely to \u201cstay patient.\u201d<\/p>\n

Defensive sectors of the market including utilities and consumer staples, meanwhile, were in the ascendency, pointing to some investor caution ahead of the long Juneteenth weekend and possible profit taking following a rip-roaring rally in stocks.<\/p>\n

On the economic front, a preliminary reading of U.S. on the economy rose more than expected in May, while near-term inflation expectations fell to a two-year low, the University of Michigan Consumer Sentiment Index showed Friday.<\/p>\n

The positive data, however, aren\u2019t likely to impact \u201cthe chances of a July hike,\u201d said Jefferies, noting that the \u201clevels of inflation expectations are too high, but the pace of change is encouraging.\u201d<\/p>\n

The Federal Reserve earlier this week , but lifted its projection, or dot plots, on rates, forecasting two more hikes this year.<\/p>\n

Some on Wall Street, however, aren\u2019t convinced that the Fed will deliver further hikes and continue to bet that the Fed\u2019s tightening cycle is over.<\/p>\n

\u201cWe dismiss the dot plot completely \u2013 it has almost no utility as a predictive piece of data,\u201d Jay Pelosky, TPW Advisory Founder and Principal said in a Friday note. \u201cWe are not alone in this point of view,\u201d Pelosky added, citing analysis by Bloomberg showing \u201cthe median forecast rarely, if ever, coordinated with actual policy rates.”<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters Investing.com — The Dow stumbled Friday, but still notched a three-week win streak after the Federal Reserve paused rate hikes earlier this week. The fell 0.3%, or 108 points, though ended the week up 2%. 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