Live updates on today’s stock market developments.

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The stock market saw a slight decline on Friday, although it was still on track for a positive week overall, with the Dow Jones Industrial Average poised for its strongest performance of the year. The Dow dipped 108 points, hovering near the 40,000 mark, while the S&P 500 and Nasdaq Composite remained relatively stable. All three major indexes were set to end the week with solid gains, with the S&P 500 and Nasdaq rising by 2.4% and 2.6% respectively, and the Dow leading the way with a 2.7% increase.

FedEx shares surged over 8% after beating analyst expectations in their latest earnings report, while Nike shares fell by 8% due to disappointing guidance and a slowdown in Chinese sales. Lululemon also saw a significant drop of 18% following weak guidance and sluggish growth in North America, marking its worst performance since March 2020. Despite these individual stock movements, the major indexes closed at record levels on Thursday, marking the fourth consecutive day of gains in the market.

Market optimism may be driven by the Federal Open Market Committee’s expectation of three rate cuts this year, despite recent inflation reports indicating higher than normal levels. Chief market strategist Art Hogan noted that investors are aligning more closely with the Fed’s forecast, leading to a more rational and stable market environment. This shift in investor sentiment reflects a more balanced approach to rate hikes and cuts, signaling a potential for continued market growth and stability in the weeks ahead.

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