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US Stocks Hover as Investors Weigh Rate Cut Odds

US stocks maintained their levels on Friday afternoon, as Wall Street took a breather from its bullish momentum. Investors hesitated over the prospects of rate cuts, causing the market to pause.

The Dow Jones Industrial Average (^DJI) remained stable after briefly hitting the significant 40,000 mark during Thursday’s trading session. The S&P 500 (^GSPC) inched slightly above the flatline, while the Nasdaq Composite (^IXIC) dipped just below it. Despite this, all major indices were on track for weekly gains.

The optimism surrounding the stock market wavered after Federal Reserve officials hinted at keeping interest rates at historic highs for an extended period. This tempered expectations for a rate cut in September, which had been fueled by positive inflation data.

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Key Fed Officials Speak Amid Market Uncertainty

With a light economic and corporate calendar on Friday, the focus turned to speeches by Federal Reserve officials. US Federal Reserve Governor Michelle Bowman reiterated her stance on inflation, stating that the central bank has made limited progress in curbing rising prices. She expressed readiness to raise rates if necessary based on incoming data.

Meanwhile, Fed Chair Jerome Powell, scheduled to speak at Georgetown University’s Law School graduation, will now deliver a pre-recorded video message after testing positive for COVID-19. This unexpected development added to the market’s uncertainties.

Market Movers: Reddit and GameStop

Reddit (RDDT) shares surged 13% following a partnership with OpenAI to integrate content from its forums. This collaboration boosted investor confidence in the social media platform’s growth prospects.

Conversely, GameStop (GME) saw a sharp decline of over 25% as the company forecasted a drop in first-quarter sales due to a shift towards online shopping. The meme stock frenzy that briefly lifted GameStop’s shares earlier in the week turned into a downward trend in recent days.

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