By Sean Conlon and Brian Evans
The S&P 500 fell on Friday as investors contemplated the path of future interest rate cuts by Federal Reserve and monitored the latest developments out of the Middle East.
The S&P 500 declined 0.22%, while the Nasdaq Composite dropped 0.51%. The Dow Jones Industrial Average ticked up 35.16 points, or 0.08%.
Chip stocks came under pressure following a report by the Wall Street Journal that the U.S. may revoke waivers for some semiconductor manufacturers. Nvidia was down more than 1%, while Broadcom and Taiwan Semiconductor Manufacturing fell about 1% and more than 2%, respectively. The VanEck Semiconductor ETF (SMH) was lower by 1%.
The S&P 500 started off the trading session higher after Federal Reserve Governor Christopher Waller said that the central bank could cut rates as early as July. “I think we’re in the position that we could do this and as early as July,” Waller said during a “Squawk Box” interview.
“That would be my view, whether the committee would go along with it or not,” he added.
This comes after Fed Chair Jerome Powell said Wednesday the central bank was in no hurry to cut benchmark rates and will remain data dependent, especially as it remains unclear how President Donald Trump’s tariffs will impact the economy. The S&P 500 closed slightly lower that day following those remarks.
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