Wall Street was up slightly on Friday after statements by Federal Reserve officials muddled investors’ ideas as to when the U.S. central bank might start cutting interest rates. Applie Materials saw a significant drop in shares after a report on third-quarter earnings came out and news broke that the U.S. Department of Justice is investigating the company for potential violations of export restrictions to China. On the brighter side, Gap’s shares rose on news that the company had exceeded Q3 profitability expectations. The Dow rose by just under 2 points, while the S&P 500 gained nearly 6 points and the Nasdaq had an increase of almost 12 points.
While the Dow, S&P 500, and Nasdaq had a relatively quiet week, the S&P 500 was lifted by sectors outside of technology. Not all sectors did well, with technology and communication services weaker. The Russell 2000 small-cap index outperformed the broader markets, thanks to an easing of lending rates. Ross Stores thrived, as sales of clothes and home products soared. The rising performance of Old Navy and reduced supply expenses contributed to a 30.6% surge in shares for Gap. Conversely, ChargePoint Holdings plummeted after they announced a decrease in third-quarter revenue. Over 10 billion shares changed hands on U.S. exchanges compared with the average of almost 11 billion. There were almost three stocks increasing for every decliner on the NYSE and more than two increasing for every decliner on the Nasdaq. There were 18 new 52-week highs and one new low on the S&P 500, while the Nasdaq had 55 new highs and 97 new lows reporting had contributed.
