NEW YORK — Wall Street’s ugly week is getting a bit of a reprieve, and stocks are holding steadier on Friday, but it’s still heading for its worst week in six months.
Yields were easing a bit Friday, which reduced the pressure on the stock market. The yield on the 10-year Treasury slipped to 4.48% from 4.50% late Thursday. It’s still near its highest level since 2007. Recently, that’s meant pain for technology stocks. Nvidia trimmed its loss for the week to 5.4% after rising 1.2% Friday. The Nasdaq composite, which is full of tech and other high-growth stocks, is on track for its worst week since March.
Hanging above them all is the realization sinking in on Wall Street that interest rates may be staying higher for longer. The Fed indicated Wednesday that it may raise its main interest rate one more time this year. From there, the most likely path predicted now would be half a percentage point of cuts from a level of 5.50% to 5.75%. Three months ago, Fed officials were thinking a full percentage point of cuts may be the likeliest outcome.
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