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on friday, eastern time, the three major stock indexes rose and fell, and the dow jones industrial average hit a new record high. after the sharp rise the previous day, investors weighed the next move of the federal reserve and did not continue to buy in large quantities. in addition, disappointing financial reports from several companies also limited the gains.

friday is the so-called "triple witching day", when a large number of derivative contracts related to stocks, index options and futures will expire, causing the index to fluctuate violently in late trading.

several fed officials gave speeches on the same day. fed governor waller said that u.s. inflation was falling faster than he expected, so the fed had more room to ease as it turned to support the weak labor market. his speech reinforced expectations that the fed would cut interest rates by 50 basis points at its november meeting, and the stock index once narrowed its losses.

but then fed governor bowman pointed out that she did not favor a 50 basis point rate cut by the fed this week, but instead preferred a 25 basis point cut, moving toward a more neutral policy stance at a prudent pace that would ensure further progress in bringing inflation down to the 2% target.

"the market is recalibrating expectations, and some market participants may have expected a 50 basis point rate cut, but many did not," said sid vaidya, chief investment strategist at td wealth. "with expectations of slower economic growth, especially with valuations of large-cap tech stocks already somewhat stretched, investors need to be more cautious and selective in their investments."

according to the cme's federal reserve interest rate monitoring tool, the market has fully digested the expectation of at least a 25 basis point rate cut in november, and the probability of a 50 basis point cut is as high as 50%.

jpmorgan chase ceo jamie dimon said he remains skeptical about a soft landing for the economy after the federal reserve cut interest rates for the first time in more than four years. he said at the atlantic festival event in washington on friday: "i am more skeptical than others. i think a soft landing is less likely. i certainly hope that a soft landing can really happen, but i am more skeptical that inflation will disappear so easily, not because it has not fallen, but whether it can fall more."

michael hartnett of bank of america believes that optimism in the stock market after the federal reserve’s rate cut is increasing the risk of a bubble, while bonds and gold have become attractive hedges against a recession or a new round of inflation.

market dynamics

as of the close, the dow jones industrial average rose 0.09%, setting a new high, and rose 1.61% this week; the s&p 500 fell 0.19%, and rose 1.36% this week; and the nasdaq fell 0.36%, and rose 1.49% this week.

the 11 sectors of the s&p 500 index generally closed lower, with the industrial sector down 0.69%, the materials sector down 0.64%, the information technology/technology sector down 0.5%, the energy sector down 0.33%, and the discretionary consumer sector down 0.01%, the smallest drop. the telecommunications sector rose 0.45% and the utilities sector rose 2.69%.

most u.s. stock industry etfs closed lower, with the utilities etf up more than 2.5% and the consumer staples etf up nearly 0.5%. the regional bank etf fell more than 2%, the banking etf fell more than 1.5%, the semiconductor etf and the biotech index etf each fell at least 1%, and the global technology etf, technology industry etf and healthcare etf also fell around 0.5%.

hot stock performance

large technology stocks had mixed gains and losses, with tesla falling more than 2%, nvidia falling more than 1%, apple, netflix, and microsoft falling slightly; google, amazon, and meta rose slightly.

united energy corp. rose more than 22% after the company announced plans to restart the three mile island nuclear power plant to provide nuclear power to microsoft data centers.

fedex fell more than 15%, its biggest single-day drop in two years. previously, the company released its financial report, in which major indicators such as revenue and profit were lower than expected, and it also lowered its revenue guidance.

intel's stock price rose sharply in the late trading, with the increase expanding to 9% at one point, and finally closed up 3.3%. earlier, there were reports that qualcomm had recently contacted intel to discuss the acquisition.

novo nordisk's stock price fell 5.5%. the company released the main results of the phase 2a clinical trial of the drug "monlunabant" on its official website. overall, the drug has a statistically significant weight loss compared with placebo. however, in the higher-dose group, the effect of additional weight loss was limited.

popular chinese stocks fell across the board, with the nasdaq china golden dragon index down 0.60%, up 3.90% this week. futu holdings fell more than 3%, nio fell more than 2%, iqiyi, weibo, vipshop, and manbang fell more than 1%, xpeng motors rose more than 2%, li auto rose more than 1%, and bilibili rose slightly.

company news

[cybertruck is reportedly "remotely disabled" and kadyrov sends two more to the front line]

ramzan kadyrov, leader of russia's chechen republic, accused tesla ceo elon musk of "remotely disabling" his cybertruck, saying the electric pickup truck was originally sent to the front and performed well. kadyrov claimed on thursday that the cybertruck equipped with a machine gun that he showed in august had been remotely locked and could no longer be used, but the vehicle performed well in combat. on friday, the master of holstering added that he had sent two more tesla cybertrucks to the front line, and that the two vehicles were not affected and could still operate normally. he did not elaborate on the source of the two cybertrucks in the video.

[the us ftc sued several middlemen for manipulating insulin sales]

on friday, the u.s. federal trade commission (ftc) announced on its official website that it has filed a lawsuit against three major "pharmacy benefit managers" (pbms) and their affiliated organizations, accusing them of engaging in anti-competitive and unfair rebate practices. the three pbms are caremark under cvs health, express scripts under cigna, optum under unitedhealth, and their respective "pharmacy group purchasing organizations" (gpos) - zinc health services, ascent health services, and emisar pharma services.

[google faces eu ultimatum: if it does not adjust its search engine business model, it may be heavily fined]

google is expected to take another hit from eu regulators, and could face huge fines and be ordered to change its business model if the company doesn’t act quickly to give competitors more room to grow. eu officials are preparing a formal complaint against google under the digital markets act, focusing on how google displays competitor product results in different search services, such as google flights and google hotels. if it doesn’t comply, google could face a heavy fine of up to 10% of its global annual revenue. people familiar with the matter said the eu’s preliminary findings could be released before the end of october, and given the upcoming reshuffle at the top of the european commission, the meeting could be delayed, giving google time to allay the concerns of eu authorities. a final ruling on the case will be made by the end of march next year.