US stocks rose on Friday, setting the Dow up for an eighth straight day of gains as investors waited for a parade of Fed speakers to test a growing confidence that a rate cut is on the way.
The Dow Jones Industrial Average (^DJI) climbed roughly 0.2%, with the benchmark S&P 500 (^GSPC) gaining about 0.3% on the heels of closing above 5,200 for the first time in a month. The tech-heavy Nasdaq Composite (^IXIC) also jumped around 0.2% at the opening bell.
The blue-chip Dow has powered higher, scoring its longest win streak this year as stocks made a comeback from April’s doldrums. The growing conviction that the Federal Reserve could cut interest rates earlier than expected — given recent signs of a cooling labor market — has buoyed the rally.
Read more: How does the labor market affect inflation?
Given that, investors will listen closely to speeches from a packed lineup of Fed speakers on Friday for more insight into timing, pace, and chance of an easing in policy. Michelle Bowman, Neel Kashkari, and Austan Goolsbee are among those scheduled to appear.
Earlier, Atlanta Fed boss Raphael Bostic said he sees a single rate cut late this year but echoed fellow official Mary Daly’s preference for waiting for a more robust signal that price pressures are easing.
On the corporate front, TSMC (TSM) shares popped after the Taiwanese contract chipmaking giant said its sales jumped 60% in April. It credited sustained AI demand paired with a revival in consumer electronics such as smartphones.
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Jessica Roberts is a seasoned business writer who deciphers the intricacies of the corporate world. With a focus on finance and entrepreneurship, she provides readers with valuable insights into market trends, startup innovations, and economic developments.
