Investing.com– The Dow Jones struggled for direction on Friday, a day after briefly surpassing the 40,000 level for the first time in history amid hopes of rate cuts and mostly upbeat quarterly results from companies.
At 13:17 ET (1717 GMT), the 58 points, or 0.2%, were trading virtually flat and down 0.1%. All three indices are on track to post gains this week,
Take-Two ignores news of GTA delay; doximity shines on the earnings stage
Interactive Take-Two Software Inc (NASDAQ: Wall. Street Estimates.
However, despite the delays, management “noted that expectations for GTA's business impact have increased and expect bookings to increase from fiscal 2025 to fiscal 2027,” UBS said.
Doximity Inc (NYSE rose more than 18% after reporting fiscal fourth-quarter results that beat both top and bottom lines. The online networking platform company also announced a $500 million share buyback program .
Chip stocks Wobble Despite AMD Earnings; Gamestop plummets in share sale
Advanced Micro Devices Inc (NASDAQ gained more than 1% after Reuters reported that Microsoft (NASDAQ plans to offer its cloud customers AMD chips as an alternative to Nvidia chips.
NVIDIA Corporation (NASDAQ fell 1% following the news.
GameStop Corp (NYSE:), meanwhile, fell more than 20% after revealing plans to sell up to 45 million shares in an at-the-market offering and reporting preliminary results that showed a drop in first-quarter results.
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reddit OpenAI association emerges
Social media platform Reddit (NYSE jumped more than 12% after partnering with OpenAI, a major artificial intelligence company, to add its content to the company's artificial intelligence products.
Boeing (NYSE:) was steady ahead of a shareholder vote on whether outgoing CEO David Calhoun will retain his seat on the embattled plane maker's board.
Wall Street eyes weekly gains
Contributing to the tone this week were softer-than-expected readings, which pushed these averages to all-time highs on Wednesday and Thursday.
However, several Fed officials have since warned that the central bank still needs more confidence to cut interest rates and that the timing of the move remains uncertain, limiting Friday's volatility.
The president of the Atlanta Federal Reserve welcomed the weaker inflation data, but cautioned that positive data did not indicate a trend and that the central bank had no expectations of rate cuts.
Before Bostic, the president of the New York Federal Reserve said that although the evolution of consumer inflation was positive, it did not yet justify an immediate reduction in interest rates.
The president of the Cleveland Fed said the Fed needed to keep rates high longer to reduce inflation, and that the central bank needed more evidence that price pressures were cooling.
All three Fed officials are voting members of the committee that sets Federal Reserve rates.
His comments caused investors to question expectations of rate cuts this year, with traders slightly reducing bets on a 25 basis point cut in September, according to the tool.
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(Peter Nurse and Ambar Warrick contributed to this article.)
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