In the Media | Barron's

Stocks were mixed Friday, trading in a limited range as investors braced for a reading on inflation ahead of the Federal Reserve’s monetary policy decision next week.

The Dow Jones Industrial Average was down 45 points or 0.1%, while the S&P 500 was up 0.2%, and the Nasdaq Composite advanced 0.5%.

The S&P 500 entered a new bull market on Thursday, crossing a key level of above 4292.438, boosted by technology stocks. The broad index, however, still remains about 10% off of its record close of 4,797.56 from Jan. 3, 2022.

“Investors should not be overconfident that the bear market is over,” said James Demmert, chief investment officer, Main Street Research. “This very narrow market leadership is not a sign of a quality rally or bull market and this phenomena leads to a market correction of some kind.” Demmert sees the market overdue for a 10% decline.

Up next, inflation data comes out on Tuesday. Economists expect price growth of 4.1% year over year in May. A higher-than-expected reading could influence the Fed's interest-rate decision out next week.

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