© Reuters. Traders work on the floor of the NYSE in New York
By Evan Sully and April Joyner
NEW YORK (Reuters) – Wall Street's main indexes edited on Friday after the Federal Reserve plans to cut interest rates at only a quarter-percentage point at the end of July.
The benchmark S&P 500 is earlier marginal gains after the Wall Street Journal report https://www.wsj.com/articles/fed-officials-signal-quarter-point -rate cut-likely-at-july-meeting-1
On Thursday, stocks had risen as comments from New York Fed President John Williams (NYSE 🙂 increased hopes of a bigger rate cut. Later that day, however, a New York Fed representative said that Williams' comments were not included in up-to-date Fed policy actions.  Futures market odds of a 50-point point cut at the Fed's July meeting soared to 71% late Thursday immediately after Williams speech but fell to 23% on Friday, according to CME Group's Fedwatch tool.
"It appears that the Fed has communicated its message," said Bucky Hellwig, senior vice president at BB&T (NYSE 🙂 Wealth Management in Birmingham, Alabama. "They're basically trying to clarify their policy." The Dow Jones Industrial Average () fell 5,85 points, or 0.02%, to 27,217.12, the S&P 500 () lost 11,94 points, or 0.40%, two 2,983.17 and the Nasdaq Composite () dropped 43.66 points, or 0.53%, to 8,163.58.
Earlier, US stocks had edged higher than strong results from Microsoft Corp. (O 🙂 momentarily buoyed technology stocks. Last-minute profits at S&P 500 companies are now estimated to rise by 1%, according to Refinitive IBES data, in a reversal from earlier expectations of a small drop.
Boeing Co (N) shares gained 4.2%, despite the planemaker's disclosure that it would take a $ 4.9 billion after tax hit from the ground of its 737 MAX, indicating that investors had expected more severe repercussions. 19659004] Kansas City Southern (N) shares rose 4.0% after the railroad operator posted a better-than-expected quarterly profit. Shares of American Express Co (N 🙂 slipped 2.6% after the credit card issuer warned of higher operating costs this year than it spends Heavy on rewards programs to attract customers.
Declining issues outnumber advances on the NYSE at a 1.15-to-1 ratio; on Nasdaq, a 1.31-to-1 ratio favored decliners
The S&P 500 posted 45 new 52-week highs and five new lows; the Nasdaq Composite recorded 72 new highs and 76 new lows.
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