Stock Market Today: S&P 500 rises to clinch longest weekly win streak since 2017

investing.com:

Investing.com — The S&P 500 closed slightly higher Friday to clinch its longest weekly winning streak since 2017 after data showing inflation cooled more than expected stoked bets on faster and deeper Fed rate cuts strengthening the bulls' grip on stocks ahead of the long holiday weekend.         

By 16:00 ET (21:00 GMT), the S&P 500 Futures was 0.2% higher, Nasdaq 100 Futures rose 0.2%, and the Dow was down 18 points, or 0.1%,These averages wrapped up an eighth positive week in a row — a first for the S&P 500 since 2017 and for the DJIA dating back to 2019. 

The personal consumption expenditures report, the Fed’s primary inflation gauge, for November slowed by 0.1%, taking the annualized rate through November to 2.6%, below expectations of 2.8%. 

The core measure that strips out volatile food and energy costs, and is more important measure of underlying inflation slowed to a 0.1%, compared with expectations for 0.2%. 

Signs of faster slowdown inflation boosted expectations for a sooner rather than later rate cut, with the odds of a March cut at 85%, compared with 75% a day, according to Investing.com's Fed Rate Monitor Tool. 

Investors are now expectations 175 basis points of by the end of next year, taking the Fed funds rate to a range of 3.5% to 3.75% range. That is much more aggressive the three rate cuts for 2024 the Fed projected at its December meeting. 

Nike (NYSE:NKE) cut its annual sales forecast, warning of a softer second-half revenue outlook on cautious consumer spending, sending its shares nearly 12% lower.

The sportswear giant now sees full fiscal-year revenue rising about 1%, down from its prior forecast of mid-single-digit percentage growth. 

The company also detailed plans to cut up to $2 billion in