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Dow Jones Industrial Average Forecast: DJIA falls on Friday, but sheds less weight against other indexes

The Dow Jones Industrial Average (DJIA) eked out slim gains around a quarter of a percent before ending in the red after US Nonfarm Payrolls (NFP) came in wildly mixed, sending broader markets into a confused tailspin. Equities gave a mixed performance as investors grappled with a still-firm US labor market and deep revising cuts to previous data.

Friday’s NFP print showed the US added 275K net new jobs in February, well above the forecast 200K, but January’s print saw a steep revision to 229K. The previous NFP print initially showed an 11-month high of 353K additions, and the large revision is hobbling the market’s ability to pick a direction to wrap up the trading week.

Dow Jones news: Markets reprice rate cut bets, Apple gains pare Intel losses

Friday’s mixed NFP print increased rate market bets that the Federal Reserve (Fed) will trim interest rates at the Federal Open Market Committee’s June rate call. According to the CME’s FedWatch Tool, rate futures are pricing in 75% of at least a 25 basis point trim in June. Investors are shrugging off warnings from Fed Chairman Jerome Powell this week that inflation is still not at a satisfactory level for the US central bank to begin weighing action on interest rates. Markets are hoping that the Fed will get bullied into rate cuts before the end of H1 2024 with not-as-good-as-expected economic figures.

The DJIA’s worst-performing stock on Friday was Intel Corp. (INTC), down 4.66% and hitting the closing bell at $44.00 per share. 3M Co. (MMM) is the DJIA’s best performer, gaining nearly 1.4% and ending Friday at $93.90.

Other Friday gainers listed on the Dow Jones include Cisco Systems Inc. (CSCO) and Apple Inc. (AAPL), gaining around 1.2% and 1.0% respectively. On the downside, Boeing Corp. (Boeing) also shed weight, closing down 2.24% at $198.49, and the airline stock is down significantly from December’s peak at $267.54.

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