The S&P 500 closed higher on Friday, led by tech stocks, continuing its recovery after a sharp selloff earlier this week. The index rose 0.5%, while the Dow Jones added 0.1%, and the NASDAQ gained 0.5%. Earlier in the week, the S&P 500 fell 3%, its worst day since 2022, triggered by recession fears following weaker-than-expected July payroll data.
As the weekends, Wall Street’s focus shifts to key CPI inflation data due next week, with rising confidence that inflation is easing and may prompt the Federal Reserve to begin cutting interest rates in September.
In corporate news, Paramount Global surged 0.9% after beating profit expectations and announcing job cuts, while Expedia jumped over 10% on strong quarterly results. Conversely, after disappointing guidance, Array Technologies and ELF Beauty slid 19% and 21%, respectively.
