Stock market today: S&P 500 goes for 5-day win streak as markets look ahead to next week's Fed meeting

• US stocks jumped on Friday as S&P 500 and Nasdaq 100 aimed for a five-day win streak.
• Investors are focused on the Federal Reserve's upcoming interest rate cut announcement next week.
• The Fed is expected to cut rates for the first time since 2019, with about even odds for a 25- or 50-basis point cut.

US stocks were up on Friday as the S&P 500 and Nasdaq 100 indexes attempted to extend their winning streak to five days.

After benign inflation data and initial jobless claims were released earlier this week, investors have turned their attention to the Federal Reserve.

Fed Chairman Jerome Powell is set to announce an interest rate cut at the Fed's FOMC meeting next week, and it's still up in the air as to how big the rate cut will be.

Based on probabilities from the CME's FedWatch Tool, there's a 49%/51% split on whether the Fed will deliver a 50-basis point or 25-basis point interest rate cut, respectively.

With inflation continuing to trend toward the Fed's long-term 2% target, and the unemployment rate ticking higher in recent months, some investors want the Fed to go big and deliver a 50-basis point rate cut.

But Bank of America strategists see that scenario as an unlikely one.

"While we acknowledge risks of larger cuts at subsequent meetings, we think the Fed will start off with a 25bp cut next week," BofA economist Aditya Bhave said.

He added: "We think the Fed will emphasize data dependence, reserving the right to change the pace of cuts at future meetings."

Next week's expected interest rate cut from the Fed will represent the first time the central bank has lowered rates since 2019.

Here's where US indexes stood shortly after the 9:30 a.m. opening bell on Friday:

• S&P 500 : 5,606.96, up 0.22%
• Dow Jones Industrial Average : 41,264.30, up 0.41% (+167.53 points)
• Nasdaq composite : 17,584.40, up 0.08%

Here's what else is going on:

• Workers at Boeing went on strike on Friday, shutting down their manufacturing line. The stock dropped 3%.
• Americans are the richest they've ever been with a cumulative net worth of $163.8 trillion.
• JPMorgan and Bank of America are adopting new guardrails to protect junior bankers from burnout.

In commodities, bonds, and crypto:

• West Texas Intermediate crude oil increased 1.17% to $69.78 a barrel. Brent crude , the international benchmark, jumped 1.06% to $72.73 a barrel.
• Gold was up 0.95% to $2,605.00 an ounce.
• The 10-year Treasury yield was lower by 2 basis points at 3.651%.
• Bitcoin dropped 0.56% to $57,812.