US stocks started little changed on Friday, aiming to close a historic week positively amid hopes of a possible retreat from interest rate hikes, lifting investor confidence.
The S&P 500 (^GSPC) and the Dow Jones Industrial Average (^DJI), inching closer to the important milestone of 40,000, started the day on a stable note. Meanwhile, Nasdaq Composite (^IXIC) contracts started slightly lower, down about 0.1%.
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Despite the weak start, all three indexes are set to post solid weekly gains, boosted by record closes following the Federal Reserve’s assurance that it will not alter its rate cut projections for the year. Investor sentiment remains optimistic, buoyed by signs that major central banks are willing to adjust their strategies.
In corporate news, FedEx (FDX) shares rose about 9% in early trading following better operating margins at the package giant’s core unit, along with better-than-expected earnings. By contrast, Nike (NKE) stock fell more than 7% as investors digested disappointing sales forecasts despite mixed results.
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