Markets cling to record territory as Fed rate cut priced in

Wall Street finished a strong week with U.S. stocks clinging to record territory as investors priced in an expected cut to the Federal Reserve's main interest rate at the central bank's upcoming meeting. The S&P 500 hovered just below its all time high, the Nasdaq set fresh intraday records, and the Dow traded lower amid mixed corporate results and ongoing macroeconomic uncertainty.

Across the week the S&P 500 slipped only marginally from its peak, falling 3.18 points to 6,584.29 in one session, while the Dow at times dropped roughly 274 points to 45,834.22 as the Nasdaq rose to 22,141.10. Market moves varied day to day, with some sessions showing smaller declines for the Dow and intraday gains for the Nasdaq, reflecting investor attention on the Federal Reserve and company news.

Expectations that the Fed will begin cutting its policy rate have propelled equities higher. Traders widely anticipate the central bank will announce its first cut of the year at the meeting this week, a move seen as a potential accelerator for the slowing job market and a boost for mortgage rates that have already eased. "Investors, and I think the Fed, are convinced that we are not on the verge of a...