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10/05/24 Briefing

The Dow eked out its eighth straight session of gains on Friday and closed out its best week of the year as US stocks finished the day mostly in the green. The gains came despite the three major indexes losing some steam earlier in the session after consumer sentiment hit a six-month low.

The Dow Jones Industrial Average (^DJI), which capped off its best week since Dec. 15, jumped roughly 0.3%, or about 125 points. The benchmark S&P 500 (^GSPC) finished the day up about 0.2%, closing above 5,220. The tech-heavy Nasdaq Composite (^IXIC) closed just below the flatline.

The latest University of Michigan consumer sentiment survey released Friday revealed a 13% drop in overall sentiment during the month of May. The index reading for the month came in at 67.4, its lowest level in six months and well below economist expectations of 76.2.

The drop in sentiment comes as investors debate the future of interest rate cuts amid recent signs of a cooling labor market.

Federal Reserve Governor Michelle Bowman said Friday she believes interest rates need to stay where they are "for a bit longer," echoing similar sentiments made by other Fed officials in recent weeks.

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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