Wall Street Mixed: Dow, S&P 500 Close Higher; Nasdaq Slips
Friday saw a mixed performance on Wall Street. The Dow Jones Industrial Average closed 0.51 percent higher, while the S&P 500 hit a record high but ended the day with a marginal gain. Meanwhile, the tech-heavy Nasdaq 100 lost ground but still posted a weekly increase. Nvidia, the top performer in the Dow, gained around 40 percent year-to-date but lost 0.7 percent on Friday. Nike, the worst performer, closed with a 3.5 percent decline despite strong quarterly results.
Nike's stock drop was surprising, given their positive earnings report. Analysts remain optimistic, however, about the potential of investments in artificial intelligence (AI) to translate into profits. This optimism is reflected in several collaborations and expansions announced this week. Hitachi and OpenAI are teaming up to build a global AI infrastructure and expand data centers worldwide. Fujitsu and Nvidia are also expanding their partnership to develop a platform for industry-specific AI agents.
The US Federal Reserve is widely expected to lower interest rates again in October, which could further boost investments in tech and growth sectors. Despite these developments, the US government shutdown received little attention, even though it led to the cancellation of the September jobs report.
In summary, while the Dow and S&P 500 closed higher on Friday, the Nasdaq 100 ended the day in the red. Nvidia and Nike were the top and worst performers in the Dow, respectively. AI collaborations and potential rate cuts drove optimism, while the government shutdown went largely unnoticed.
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