U.S. Stocks End Steady Amid Investor Caution Post-Fed Rate Cut

U.S. stocks closed nearly unchanged on Friday following a strong rally, driven by the Federal Reserve's interest-rate cut. Traders speculated on future rate cuts while notable gains by Nike and Intel buoyed the market. Utilities led sectors due to Constellation Energy's data-center deal with Microsoft.

U.S. stocks ended Friday's session almost flat as investors took a breather following a strong rally fueled by an enhanced interest-rate cut by the Federal Reserve. Nike's impressive performance played a key role in nudging the Dow to a new record even as other major averages showed little movement.

Speculation surged that the Federal Reserve might cut interest rates by another 50 basis points in November after comments from Fed Governor Christopher Waller. This was countered by another governor, Michelle Bowman, who stated a preference for a more modest cut. The market is recalibrating as it balances these conflicting expectations.

The S&P 500 closed at 5,703.37 points, down 0.18%, while the Nasdaq Composite ended at 17,948.32 points, a 0.36% loss. The Dow Jones Industrial Average saw a small rise to 42,062.81 points. Utilities soared, led by Constellation Energy's new deal with Microsoft. Intel also gained due to Qualcomm's takeover interest.

(With inputs from agencies.)