March 22 - The blue-chip Dow and the benchmark S&P 500 eased on Friday, but they remained on track for strong weekly gains as investors cheered the Federal Reserve's rate-easing stance.
Traders now see a 71% chance of the first rate cut hitting in June, from 56% at the start of this week, according to the CME's FedWatch Tool. Nevertheless, the EV maker and most rate-sensitive megacap growth and technology stocks were set for strong weekly gains. Weighing on the Dow, Nike , opens new tab shed 7.8% after the world's largest sportswear maker warned that its revenue in the first half of fiscal 2025 would shrink by a low-single-digit percentage, as it scales back on franchises to save costs.
Digital World Acquisition , opens new tab fell 6.7% after shareholders of the blank-check firm voted to approve its merger with former U.S. President Donald Trump's media and technology company.
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