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Equity Alert: US indices close mixed Fri; Nasdaq ends higher as IT cos gain

 

MUMBAI--0748 IST--Equity indices in the US ended mixed on Friday, with the S&P 500 closing largely flat and the Dow Jones Industrial Average shedding around 1%. However, a rebound in technology-related stocks pushed the Nasdaq Composite higher and the index snapped a three-day losing streak. Traders were concerned about high valuations of artificial-intelligence companies, as well as about speculation that the US Federal Reserve may not cut interest rates at its next meeting in December.

 

The technology-heavy Nasdaq Composite closed marginally higher as shares of index heavyweights Nvidia, Palantir and Microsoft advanced around 1?ch. Shares of Oracle closed 2.5% higher and those of Tesla also closed the session with gains. Most major artificial-intelligence companies had plummeted Thursday due to concerns of high valuations and the rout had led to a fall of over 2% in the Nasdaq index. "AI is truly testing the limits of Wall Street spreadsheets right now," David Krakauer, vice president of portfolio management at Mercer Advisors, was quoted as saying by CNBC. "The valuations are so stretched, and any little movement in expectations on either profits or interest rates is going to have a bigger and bigger effect."

 

Uncertainty around the US Federal Reserve's upcoming interest rate decision also dampened sentiment after several US Fed officials voiced caution about cutting interest rates in a high inflation environment. Fed fund futures traders are pricing in a 46% chance that the central bank will cut its benchmark overnight borrowing rate by 25-basis points at its December policy meeting, which is sharply lower than the 88% likelihood that traders predicted a month ago, according to the CME Fedwatch Tool. Kansas City Fed President Jeffrey Schmid, who was one of two dissenters in the Fed's October decision to lower the policy rate, Friday said his concerns about "too hot" inflation go well beyond the narrow effects of tariffs, signalling that he could dissent again at the Fed's December meeting if the policymakers decide to cut short-term borrowing costs, Reuters reported.

 

Traders await the earnings report from the world's largest company by market capitalisation, Nvidia Corp., which is due later in the week. "If Nvidia disappoints, they will be punished. But I also think that – kind of like you're seeing today – you'll see dip buyers come back in pretty quickly and stabilise things," Reuters quoted Mike Dickson, head of research and quantitative strategies at Horizon Investments, as saying.

 

Following are the closing levels of US indices Friday:

 

Index	Level	Change in %
S&P 500	6734.11	(-)0.05
NASDAQ Composite	22900.59	0.13
Dow Jones Industrial Average	47147.48	(-)0.65

 

(Eshitva Prakash)

 

End

 

US$1 = 88.74 INR 

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

 

Edited by Avishek Dutta

 

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