Indices end week mixed after inflation scare and Nvidia profits boom

• U.S. stocks ended the week on a mixed note Friday after an inflation scare and Nvidia's earnings report.

• Investors will be eagerly awaiting next week's PCE data to gauge the direction inflation is heading.

• Nvidia's profits helped tech stocks rise and led the Nasdaq 100 to an overall gain this week.

U.S. stocks traded higher on Friday, but finished the week mixed after an inflation scare following strong economic data and the release of Nvidia's strong first-quarter earnings report.

For the week, the Dow Jones Industrial Average fell 2.3%, while the S&P 500 traded roughly flat and the Nasdaq 100 rose about 1.4%.

Strong economic data released by the PMI on Thursday sparked renewed inflation fears, with strong numbers in services and manufacturing suggesting the Federal Reserve will keep interest rates higher for longer.

Chances for a Fed rate cut have been pushed back from September to the November FOMC meeting, according to the CME FedWatch Tool.

Investors will look to next week's PCE data release to gauge the direction inflation is moving.

“Next Friday's release of the PCE report could provide the market with a decidedly positive catalyst if the data is colder than expected. Without this, even if the PCE remains stable, the market could be satisfied that inflation remains somewhat contained, but “Yesterday's market action suggests that investors and traders are losing patience with the Fed's inability to suppress prices that insist on rising,” said Quincy Krosby, chief global strategist at LPL Financial.

Meanwhile, Nvidia's strong first-quarter earnings report on Wednesday helped send AI-related tech stocks sharply higher. The Nasdaq 100 ended the week at a new closing record. The chipmaker's shares soared to record highs above $1,000 as it reported better-than-estimate earnings and revenue results, while generating enthusiasm for its newly released Blackwell chip. generation.

Here's where the US indexes stood at the 4:00 p.m. closing bell on Friday:

Here's what happened today:

The story continues

In commodities, bonds and cryptocurrencies:

• West Texas Intermediate Crude oil jumped 1.11% to $77.72 a barrel. Brent crudethe international benchmark, was up 0.92% at $82.11 per barrel.

• Gold fell slightly by 0.11% to $2,334.60 an ounce.

• The 10-year Treasury yield fell one basis point to 4.47%.

• Bitcoin rose 1.76% to $69,142.

Read the original article on Business Insider

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