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9:32Now PlayingComprehensive cross-platform coverage of the U.S. market close on Bloomberg Television, Bloomberg Radio, and YouTube with Romaine Bostick, Scarlet Fu, Carol Massar and Tim Stenovec.
A strong week on Wall Street ended on a quiet note, with stocks holding near all-time highs and bonds falling as consumer data did little to alter bets the Federal Reserve will cut rates in September.
Following a relentless surge, the S&P 500 barely budged. The IPO market kicked into high gear this week, with deals raising over $4 billion in the busiest period since 2021. A gauge of megacaps jumped Friday, led by Tesla Inc. Shares of vaccine makers slumped on a report health officials plan to link Covid shots to the deaths of around two dozen children.
A modest slide in Treasuries trimmed an advance that sent the market to its fourth straight up week. The dollar saw its biggest weekly slide in about a month.
Consumer sentiment hit the lowest since May and long-term inflation expectations rose. That follows recent data painting a picture of a slowing labor market, with investors leaning heavily in the direction of three rate cuts this year.
Cracks in the job market will likely prompt the Fed to execute a series of rate reductions beginning next week, according to economists surveyed by Bloomberg News. The median respondent sees two cuts by year-end, but a sizable minority — more than 40% — anticipates three reductions.
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