Wall Street Scores Winning Session, Mixed Week

Today's inflation reading is boosting hopes of a near-term interest rates cut

Jake Scott

Deputy Editor

Jul 26, 2024 at 4:26 PM

Wall Street rallied in a big way Friday. The Dow added 654 points to secure a fourth-straight weekly win, with help from 3M's (MMM) 23% pop. The S&P 500 and Nasdaq, meanwhile, logged their second consecutive week of losses despite solid daily wins, as the tech sector failed to recover from this week's selloff. The main force behind today's positive price action was the Fed's preferred inflation gauge, the PCE price index, which came in line with estimates and bolstered hopes of a rate cut in the near term.

Continue reading for more on today's market, including:

Don't sweat this energy stock's pullback.
Behind Wall Street's volatile week.
Plus, three earnings reports to unpack.

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How the Treasury market moved after today's inflation numbers. (CNBC)
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Why options traders love this blue-chip stock.

Earnings July 26

Gold Futures Fall for 2nd-Straight Week

Futures on black gold closed the day lower, extending a weekly loss spurred on by expectations of a ceasefire in Gaza. September-dated West Texas crude lost $1.05, or 1.3%, to settle at $77.23 a barrel for the day and 1.8% for the week.

Gold futures closed Friday higher, but nabbed their second consecutive weekly loss after investors dropped risk assets at a record-setting rate. For the session, August-dated gold futures added $27.50 or 1.2%, to settle at $2,381 per ounce, but shed 0.8% on the week.

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