Stock Market Today: Nasdaq ekes out gain to notch fresh closing record high By

-- U.S. stocks traded mixed Friday,Top ten traders on mt4 though remained on track for strong weekly gains as expectations Fed is likely to cuts rates in June eased mixed quarterly earnings from corporates. 

At 15:35 ET (19:35 GMT), the fell 0.7%, or 271 points, fell 0.1%, and the gained 0.2%.

All three benchmark indices are on track for weekly gains of over 2%, after a series on record closing highs.

Fed rate cut hopes remain in play

Jerome Powell didn't deliver any clues on monetary policy during a "Fed Listens" event Friday, but markets continue to rally on bets of rate cuts as soon as June following central bank's dovish rate outlook earlier this week. 

The Fed and stuck to its projections for at least three rate cuts this year, despite recent stickiness in inflation. 

Traders now see a 74% chance of the first rate cut hitting in June, from 56% at the start of this week, according to the CME's FedWatch Tool.

Fedex shines, Lululemon stumbles, disappoints on earnings stage

FedEx (NYSE:) surged over 7% as the delivery and logistics firm clocked stronger-than-expected earnings, and also approved a $5 billion share buyback. 

The better-than-expected results were driver by the Fedex's Express business, which "delivered $256 million of operating income compared to our forecast of breakeven performance," UBS said in a note as it lifted its price target on the stock to $340 to from $323.

Nike (NYSE:) sank over 6% after the sportswear retailer issued a warning for a decline in first-half revenue as it looks to ramp-up innovation efforts amid competition from upstarts including On and Hoka.

"But until the market sees evidence that new products can grow and scale sufficiently, we think this will remain a hotly-debated stock that will remain stuck in the mud," Wedbush said in a note.

(NASDAQ:) slid 14% on weak annual revenue guidance of between $10.7 billion and $10.8 billion, slightly below forecasts for $10.9 billion.

Tech boosted by AI cheer

Nvidia (NASDAQ:) rose more than 2% as it continued to push the broader chips sector higher after detailing plans to ship its new AI chips later in 2024. 

Micron Technology (NASDAQ:) was marginally higher, adding to its recent gains following an unexpected to an unexpected profit in the December quarter, and forecasting strong revenues on AI-fueled demand. 

Apple (NASDAQ:) attempted to steady its malaise rising 1% after plunging yesterday on regulatory concerns as the Department of Justice filed an antitrust violations lawsuit against the tech giant.  

Trump's social media company to start trading next week 

Former President Donald Trump's , which owns Truth Social, is expected to make its stock market duty as soon as next week after shareholders of Corp (NASDAQ:) Corp backed a deal to acquire the company.

With Digital World’s share price of around $43 Thursday, that massive stake would be worth $3.4 billion – at least on paper. 

Trump Media is expected to fetch a market value of more than $5 billion. 

(Peter Nurse, Ambar Warrick contributed to this article.)

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