US stocks open Friday mixed, but heading for weekly gains

ISTANBUL

US stocks opened mixed on Friday, but they were heading for weekly gains after the Federal Reserve indicated multiple rate cuts in coming years.

The Dow was down 73 points, or 0.2%, to 37,178 at 9.59 a.m. EDT. The S&P 500 fell 5.6 points, or 0.12%, to 4,713.

The Nasdaq, on the other hand, increased 44 points, or 0.3%, to 14,802.

The stocks rallied on Wednesday and Thursday after the Fed indicated that it could cut rates at least three times in 2024 and could make an additional four rate cuts by 25 basis points each during 2025. The central bank also penciled in three more rate cuts for 2026, according to its projection materials.

The VIX volatility index, also known as the fear index, was down 1.8% to 12.26. The 10-year US Treasury yield fell 0.44% to 3.912%.

The dollar index increased 0.43% to 102.40, while the euro lost 0.7% to $1.0913 against the greenback.

Precious metals were in negative territory, with gold decreasing 0.16% to $2,033 per ounce and silver trimming 1% to $23.94.

Oil prices were down around 0.6%, with global benchmark Brent crude at $76.04 per barrel and US benchmark West Texas Intermediate crude at $71.06.