Stock market today: Dow, S&P 500, Nasdaq mixed with Fed rate cut seen as done deal

Core Viewpoint - US stocks exhibited mixed trading patterns as investors assessed the economy ahead of the Federal Reserve's upcoming interest rate decision [1] Group 1: Stock Market Performance - The Dow Jones Industrial Average fell by 0.4%, while the S&P 500 slipped below the flat line; in contrast, the Nasdaq Composite rose approximately 0.4% [2] - All three major indexes reached record highs on Thursday, with the Dow closing above 46,000 for the first time [2] Group 2: Economic Indicators - Recent jobs data indicated labor market weakness, with just over 20,000 jobs added last month and initial jobless claims reaching a near four-year high [3] - Inflation remains persistent, with consumer prices increasing last month, influenced by President Trump's tariffs [4] - The University of Michigan's consumer sentiment survey revealed a larger-than-expected decline in consumer sentiment for September, as concerns over tariffs grew [4] Group 3: Federal Reserve Expectations - Traders are anticipating a greater than 90% chance of a quarter-point interest rate cut during the Fed's September meeting, with around 75% expecting three cuts by year-end [5] - The lead-up to the Fed's meeting is expected to be quieter, with all major stock indexes on track for weekly gains exceeding 1% [5]