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 nearly 4% in active trading as investors pull back from a recent tech stock splurge fueled by expectations that Intel will be able to capitalize on the recent popularity of Intel’s services dedicated to AI applications. Apple Inc. (AAPL) is the DJIA’s best performer, paring away some of Intel’s declines and gaining around 2.25% on Friday. Apple is snapping a seven-day losing streak as investors scoop up the tech darling.

Other Friday gainers listed on the Dow Jones include 3M Co. (MMM) and Cisco Systems Inc. (CSCO), gaining around 1.7% apiece. On the down side, Boeing Co. (BA) shed 1.4% on the day, declining to $200.21. The airline stock is down significantly from December’s peak at $267.54