REUTERS/Brendan McDermid
- US stocks traded mixed on Friday as investors looked for signs of new stimulus amid the slowing economic recovery.
- Congress continues to face major hurdles in passing a second fiscal aid package. Still, the White House indicated on Thursday it’s willing to back a $1.5 trillion spending bill, an increase from its previous $1.3 trillion target.
- Tech stocks gained but failed to erase their heavy Thursday losses.
- Watch major indexes update live here.
US equities traded mixed on Friday as investors digested the latest signs of economic recovery.
Market participants continue to look for any sign of progress toward a near-term stimulus deal. Congress remains locked in negotiations over new spending as the pace of economic recovery slows. Indicators including jobless claims and retail sales showed mild improvement over the week, signaling the bump from March’s CARES Act has largely played out.
The Fed announced Wednesday it plans to hold rates close to zero until well into the US economic rebound. With monetary policy set to stay accommodative for years, all eyes are on legislators to reinstate aid programs including expanded unemployment benefits, economic relief payments, and small business stimulus.
Here’s where US indexes stood shortly after the 9:30 a.m. market open on Friday:
- S&P 500: 3,349.78, down 0.2%
- Dow Jones industrial average: 27,801.75, down 0.4% (100 points)
- Nasdaq composite: 10,913.85, up 0.1%
White House chief of staff Mark Meadows indicated on Thursday that the Trump administration is willing to back a $1.5 trillion bill. The target is higher than the White House’s previous goal of $1.3 trillion, but Democrats and Republicans remain divided on a final figure and allocations for federal funds.
Tech giants including Facebook, Apple, and Microsoft climbed, driving mild gains across major indexes. The sector led Thursday’s slump as investors continued to weigh high-flying valuations against the companies’ healthy earnings trends.
Oracle tumbled after the US government said it will block all TikTok and WeChat downloads in the country starting Sunday. The surprise announcement arrives as Oracle closes in on finalizing its partnership with TikTok-parent ByteDance.
Gold gained as much as 0.6%, to $1,956.17 per ounce, remaining in a narrow trading range between $1,900 and $2,000. Treasury yields fell slightly and the US dollar hovered at two-year lows.
Oil prices rebounded after falling on reports of exports resuming in Libya reignited fears of a supply glut. West Texas Intermediate crude rose as much as 1.3%, to $41.39 per barrel. Brent crude, oil’s international benchmark, climbed 1.2%, to $43.80 per barrel, at intraday highs.
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