Stock market today: Wall Street is off to a mixed start after 4 straight gains

NEW YORK — Stocks are off to a mixed start on Wall Street following four straight gains. The S&P 500 was up less than 0.1% in the first few minutes of trading Friday. The Dow Jones Industrial Average was little changed, and the Nasdaq composite was down 0.1%. All three set their latest record high closes a day earlier. FedEx rose more than 8% after reporting earnings for its latest quarter that easily surpassed analysts’ expectations.

The Dow Jones Industrial Average gained 0.7% to 39,781.37, and the Nasdaq composite rose 0.2% to 16,401.84. Both indexes added to records set a day earlier. Reddit climbed 48.4% in its debut as a publicly traded stock. The eclectic bazaar of online communities offered its stock at an initial price of $34 a share.

Treasury yields were mostly steady a day after the Federal Reserve said it still expects to make three rate cuts this year. That helped calm some worries on Wall Street that it would pull some cuts off the table following some hotter-than-expected inflation reports. A measure of manufacturing activity in the mid-Atlantic region unexpectedly grew, while a preliminary look at manufacturing nationwide was also better than expected.

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