S&P 500 posts weekly gain as Powell anticipates rate cut Investing.com

Investing.com– U.S. stocks rose on Friday as Treasury yields fell after Federal Reserve Chairman Jerome Powell signaled that a rate cut is on the way.

At 4:00 pm EDT (2000 GMT), it was up 1.1%, marking a 1.5% gain for the week, up 462 points, or 1.1%, while gaining 1.5 %.

Powell says ‘time to adjust policy’

said on Friday that “the time has come” for policy to be adjusted amid cooling inflation and a weaker labor market. The Fed chief also appeared to keep the door open for a bigger rate cut, saying the size of the rate cuts as well as the frequency would depend on the data.

“The direction of travel is clear, and the timing and pace of rate cuts will depend on incoming data, the evolving outlook and the balance of risks,” Powell said Friday during the Fed’s annual conference in Kansas City in Jackson Hole, Wym.

The odds of a cut of more than 50 basis points in September rose to 36% from 28% the previous day, according to Investing.com

Treasury yields fell sharply, with the yield sensitive to food policy down 8 basis points to 3.93%.

Uber Announces Partnership With Cruise; Ross, Workday stores move on guidance

Uber Technologies (NYSE: ) announced a multi-year partnership with Cruise, a subsidiary of General Motors (NYSE: ), enabling the launch of the latter’s self-driving vehicles on Uber’s ride-hailing platform. Uber rose 1%, while General Motors rose more than 4%.

“We are encouraged that Uber is partnering with another AV player in Cruise and believe it reinforces the idea that AVs are unlikely to result in a winner-take-all market, rather they are more likely to be commercialized” , Deutsche Bank. said in a note on Friday.

Shares of Ross Stores (NASDAQ: transport.

Shares of Workday (NASDAQ: ) rose 12% after the HR software provider switched to a more balanced view on growth versus margins following better-than-expected Q2 revenue. The company also announced a $1 billion share buyback plan.

“The business day surprised most investors (and us) by making a pronounced and much-welcomed pivot on the growth-margin trade-off, pulling back the previous FY27/3-year CAGR of 17-19% and setting l to 15%,” UBS said in a note on Friday. The company also raised its non-GAAP operating margin target for fiscal 2027 to 30% from 25% and announced a $1 billion share repurchase plan.

RFK Jr. Suspends Presidential Campaign, Endorses Trump

Robert F. Kennedy Jr. suspended his US presidential campaign on Friday and endorsed Republican presidential candidate Donald Trump.

Kennedy said his name would remain on the ballot in most states, stressing that he was only suspending, not ending, his campaign.

“I’m not ending my campaign, I’m just suspending it and not ending it. My name will remain on the ballot in most states,” he said at an event in Arizona on Friday.

(Peter Nurse, Ambar Warrick contributed to this article.)