Stocks were falling as investors await direction from the Fed on rates
Investing.com — U.S. stocks were falling on Friday as investors turn their attention to the Federal Reserve's next interest rate decision.
At 12:40 ET (16:40 GMT), the Dow Jones Industrial Average was down 170 points or 0.5% while the S&P 500 was down 0.8% and the NASDAQ Composite was down 1.1%.
The three major Wall Street indices posted strong gains on Thursday, helped by the positive reaction to the debut of chip designer Arm (NASDAQ:ARM) after its listing.
The blue-chip Dow Jones Industrial Average ended up over 330 points, or 1%, while the broad-based S&P 500 and the tech-heavy Nasdaq Composite gained 0.8%.
The Dow is on its way to a winning week but weakness in tech stocks is weighing on the Nasdaq.
Arm Holdings stock soared almost 25% above its Nasdaq debut price on Thursday, boding well for other deals already in the pipeline, including the debut of delivery platform Instacart as early as this month. Shares gained another 2% on Friday. The success of Arm's listing could encourage other companies that have waited out volatile markets to take a dip in the IPO market.
About 150 companies are waiting to go public on the Nasdaq, a 40% increase from the same time last year, Reuters reported Friday, citing sources.
Investors have been digesting mixed economic data as the Federal Reserve heads into its next meeting just days away. The retail sales report on Thursday showed a resilient consumer heading into the holiday shopping season. But inflation was slightly elevated, especially considering higher fuel prices in August.
Investors are turning their attention to next week's Fed policy-setting meeting, looking for clues to help clarify the policy path ahead for both Fed officials and markets alike. Futures traders are
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