The Dow Jones Industrial Average (DJIA) stubbornly flattened on Friday, treading water after US equity markets were disappointed by a better-than-expected print in June’s US Purchasing Managers Index (PMI) figures. depositphotos Markets hoping for a not-too-steep decline in US economic data to push the Federal Reserve (Fed) towards rate cuts were disappointed by upbeat activity survey results, leaning into the “bad news is good news” narrative driving financial markets singularly focused on achieving cheaper lending and financing rates from the Fed.US PMIs broadly beat Wall Street forecasts in June, with the S&P Global Manufacturing PMI rising to 51.7 from the previous month’s 51.3, snubbing a forecast decline to 51.0. The Services component also increased, climbing to 55.1, it’s highest print since May 2022. The previous month had printed at 54.8, and markets had forecast a decline to 53.7.On the downside, US Existing Home Sales eased back to 4.11 million units MoM in May, a -0.7% slip from the previous 4.14 million, but still a smaller decline than the forecast 4.10 million. Despite Friday’s mildly higher print in PMIs, markets continue to pin hopes on a September rate cut from the Fed. According to the CME’s FedWatch Tool, rate traders are still pricing in around 65% odds of at least a quarter-point rate trim at the Federal Open Market Committee’s (FOMC) September 18 rate decision. Dow Jones newsOn Friday, about two-thirds of the Dow Jones’ constituent securities were in the green, but gains remained tepid. McDonald’s Corp. (MCD) led the gainers, climbing 2.4% to $260.00 per share as the fast food chain wades into the social consciousness surrounding inflation pressures with competitive pricing on strategic menu offerings. The food chain also announced it was ditching AI integration after its bespoke “Automated Order Taker” proved woefully ill-equipped to handle real-world operations at scale.On the downside, the banking sector waffled as interest rate hopes battle upbeat US data; JPMorgan Chase & Co. (JPM) fell back 1.25% to $196.20 per share with Goldman Sachs Group Inc. (GS) falling around the same to $452.50 per share. Dow Jones technical outlookThe Dow Jones is flat on Friday, trading in a tight range in intraday action as the index struggles to find the momentum to reclaim 39,200.00. The DJIA briefly set a fresh peak for the week near 39,260.00 before returning to the day’s opening range.Daily candlesticks have leapt back over the 50-day Exponential Moving Average (EMA) at 38,825.00, extending a recovery from a recent plunge to the 38,000.00 region. Dow Jones five minute chart Dow Jones daily chart DOW JONES FAQSWhat is the Dow Jones?The Dow Jones Industrial Average, one of the oldest stock market indices in the world, is compiled of the 30 most traded stocks in the US. The index is price-weighted rather than weighted by capitalization. It is calculated by summing the prices of the constituent stocks and dividing them by a factor, currently 0.152. The index was founded by Charles Dow, who also founded the Wall Street Journal. In later years it has been criticized for not being broadly representative enough because it only tracks 30 conglomerates, unlike broader indices such as the S&P 500.More By This Author:NZD/USD Price Analysis: Bulls Struggle To Hold Gains, Kiwi Outlook Turns Negative GBP/USD Ends The Week Lower As Bearish Turnaround Steepens Australian Dollar Closes The Week With Losses On Weak PMIs