Stock market today: Wall Street is drfting near record highs and headed for another winning week

NEW YORK — Stocks are drifting near their record levels as Wall Street heads for the finish of another winning week. The S&P 500 was little changed in early trading Friday and on track for a fourth straight week of gains. The Dow Jones Industrial Average inched up 24 points, a day after briefly topping 40,000 for the first time. The Nasdaq composite was flat.

Reddit surged 10% before the bell after the internet message board company said it was teaming up with ChatGPT to give OpenAI access to its data application programming interface. Reddit users and moderators will also gain access to new artificial intelligence-powered features, and OpenAI will become a Reddit advertising partner.

A string of worse-than-expected reports on inflation at the start of the year had put the potential for such cuts in jeopardy, but some more encouraging data has since arrived, reviving hopes that Fed will cut rates at least once before the end of the year. Hong Kong's Hang Seng jumped 1.1% to 19,591.29 and the Shanghai Composite index surged 1% to 3,154.03.Shares in China Evergrande Group, the world's most indebted developer with borrowings of more than $300 billion, jumped nearly 18%, while China Vanke, another imperiled property conglomerate, jumped 19.6%.

In Tokyo, the Nikkei 225 declined 0.3% to 38,787.38, while Australia's S&P/ASX 200 gave up 0.9% to 7,814.40.In midday European trading, Germany’s DAX lost 0.3% and the CAC 40 in Paris shed 0.5%. Britain’s FTSE 100 declined 0.4%.

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