Wall Street today: US stocks mixed after record highs, Warner Bros jumps 7%

US stocks were mixed on Friday, a day after all three major indices hit fresh record highs on hopes of a Federal Reserve interest rate cut next week.

As of 9:35 AM Eastern Time, the S&P 500 was virtually unchanged, the Dow Jones Industrial Average was down 0.1%, and the Nasdaq Composite was 0.1% higher.

At the open, the Dow Jones Industrial Average fell 30.9 points, or 0.07%, to 46,077.14. The S&P 500 rose 3.2 points, or 0.05%, to 6,590.66, while the Nasdaq Composite rose 35.6 points, or 0.16%, to 22,078.629.

The new records on Thursday came after the US consumer price inflation rose 2.9% on-year in August.

Following the weakness in labor market, investors expect a 25 basis points rate cut at the US central bank’s next monetary policy meeting on September 16-17.

In the bond market, the yield on the 10-year Treasury climbed to 4.06% from 4.01% late on Thursday.

Warner Bros Discovery shares jumped 6.8% after the Wall Street Journal reported that Paramount Skydance is preparing a majority cash bid for the company.

RH stock fell 1.2% after the furniture retailer reported quarterly profit and revenue short of Wall Street estimates.

Adobe shares slipped 0.9% despite the company reported stronger quarterly profit.

Super Micro Computer stock gained 3.6% after the company said it’s begun high-volume shipments of racks using Blackwell Ultra equipment from Nvidia that can be used for AI.

Microsoft shares rose 0.8% after European Union regulators accepted the tech giant’s proposed changes to its Teams platform.

Gold prices edged higher on Friday as signs of a weakening US labor market reinforced hopes the Federal Reserve will deliver its first rate cut of the year next week.

As of 09:19 AM EDT (1319 GMT), spot gold was up 0.4% at $3,649.54 per ounce. US gold futures for December delivery were up 0.4% at $3,688.10.

Among other metals, spot silver rose 1.3% to $42.08 per ounce, platinum was up 1.4% at $1,397.61 and palladium gained 2.2% to $1,214.70.

Oil prices advanced on Friday after a Ukrainian drone attack on a Russian port suspended loadings.

By 1328 GMT, Brent crude futures rose $1.02, or 1.5%, to $67.39 a barrel and US West Texas Intermediate crude gained $1.08, or 1.7%, to $63.45.

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