US stocks slip from record highs
The S&P 500 dipped slightly from Thursday’s all-time high to finish down 0.2% on Friday, while still closing the week up 1.4%. The tech-heavy Nasdaq 100 also lost 0.2%. The Russell 2000, which had been on a growing streak since September 10, was down 1.1%, but it had a weekly gain of 2.1%.
Most S&P sectors ETFs retreated. Utilities, however, gained 2.7%, with the entire space as well as uranium miners buoyed by Constellation Energy’s plan to restart its Three Mile Island nuclear plant in Pennsylvania. Constellation Energy's shares added 22.3%, a record-setting gain for the company that pushed the stock to all-time highs.
Intel stocks were up 3.4% after The Wall Street Journal reported that Qualcomm was in talks with Intel about a takeover.
On the other hand, FedEx plunged 15.2% after missing estimates. During the earnings call, FedEx’s CEO Rajesh Subramaniam said “the magnitude of the Fed rate cuts yesterday signal the weakness of the current environment.”
Oil prices were lower. WTI futures settled down 0.4% to $71.9, while Brent futures settled down 0.5% at 74.5. However, it was the second straight week of gains for both benchmarks, as they recover from their Sept. 10 low.
