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May 31 - The S&P 500 and the Nasdaq gave up early gains on Friday and were set to snap their five-week winning streaks, as investors evaluated the timing of rate cuts from the Federal Reserve following an inflation report largely in line with estimates.
U.S. inflation tracked sideways in April, a worrying sign for the central bank that suggests the elevated pace of price increases could last longer than expected, according to the Fed's preferred Personal Consumption Expenditure report. Still, expectations for a September rate cut climbed to over 55%, compared with 48.7% seen before the data, according to the CME FedWatch tool.
"Investors are starting to look for parts of the market where there's better value and they are rotating into those that have been laggards," said Garrett Melson, portfolio strategist at Natixis Investment Managers. At 11:29 a.m. ET, the Dow Jones Industrial Average , opens new tab was up 57.67 points, or 0.15%, at 38,169.15 , the S&P 500 , opens new tab was down 26.62 points, or 0.51%, at 5,208.86 , and the Nasdaq Composite , opens new tab was down 206.02 points, or 1.23%, at 16,531.06 .
Gap , opens new tab surged 24.2% after the apparel maker raised its annual sales forecast and its first-quarter results beat market expectations, in fresh signs that its turnaround strategy was starting to work.
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