Dow Jones, Nasdaq, S&P 500 weekly preview: Spotlight on GDP, PCE data and earnings

U.S. stocks ended Friday trading in the red as Wall Street concluded a week characterized by a shift from this year’s megacap winners to smaller names.also down by 0.63%. Despite this, the focus on stocks expected to benefit more from potential Federal Reserve interest rate cuts, such as small caps, remained prominent throughout the week.

Furthermore, the Personal Consumption Expenditures data, one of the Fed’s preferred inflation gauges, will be released on Friday. Apart from this, investors will closely monitor the presidential election, especially following Joe Biden's withdrawal from the race. His decision opens the possibility of an open convention, although the consensus is that U.S. Vice President Kamala Harris is the frontrunner for the nomination.As earnings season begins, the tech-focused S&P 500 faces challenges not only from the rotation into small caps but also from potential selling pressure from trend followers.

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