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U.S. stocks opened largely flat on Friday after surging to a new all-time high in the previous session, with Wall Street\u2019s attention now firmly on the upcoming Federal Reserve meeting.<\/p>\n
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The Dow Jones Industrial Average was down 0.14%, or 60 points, while the S&P 500 hovered around 6,587, down 0.08%. Meanwhile, the Nasdaq Composite was near the flat line at -0.02%. But all the major indexes remained near fresh highs, with U.S. stocks on track for a positive week.<\/p>\n
Notably, investor attention is on the Federal Reserve, with the U.S. central bank\u2019s September meeting a highly anticipated event.<\/p>\n
The stock market\u2019s upbeat picture also had cryptocurrencies trending upward. Bitcoin (BTC) held onto gains after breaking above $114,000, while a likely altcoin bounce pushed the likes of Solana and XRP higher.<\/p>\n
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With the Federal Reserve interest rate decision a near certainty next week, trader sentiment pushed the Dow Jones Industrial Average to a record close above 46,000. The blue-chip index\u2019s jump also reflected across the other major gauges, with the benchmark S&P 500 and tech-heavy Nasdaq extending gains at their respective record highs.<\/p>\n
Although the consumer price index report for August showed prices rose 0.4% compared to the forecast 0.3% and July\u2019s 0.2%, the core CPI came in line with projections, and Wall Street maintained its largely bullish bet for a 25% Fed rate cut next week.<\/p>\n
The outlook comes down to economic data, with the latest jobs reports pointing to continued labor market weakness and inflation remaining sticky. However, investors\u2019 bet on a Fed rate cut stands at over 90%, and there is a belief the central bank will make further cuts before the end of the year.<\/p>\n
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