Dow Little Changed Day After Holiday
Stocks were relatively unchanged on Friday as investors contemplated the next move from the Federal Reserve and monitored the latest developments out of the Middle East.
The Dow Jones Industrials gained 31.01 points to observe noon hour EDT at 42,202.67.
The S&P 500 index slid 13.78 points to 5,967.09.
The NASDAQ Composite dipped 98.71 points, to 19,447.57.
For the week, the S&P 500 has traded up with a gain of 0.4%. The 30-stock Dow has risen by 0.3%, while the NASDAQ has jumped about 1%.
Chip stocks came under pressure following a report by the Wall Street Journal that the U.S. may revoke waivers for some semiconductor manufacturers. Nvidia was down more than 1%, while Broadcom and Taiwan Semiconductor Manufacturing each fell more than 2%.
Markets were closed Thursday for the “Juneteenth” holiday.
Stocks were relatively unchanged on Friday after Federal Reserve Governor Christopher Waller said inflation was tame enough that the central bank could cut rates at its next meeting, a more optimistic view than Chair Jerome Powell gave on Wednesday.
Fed Chair Jerome Powell said Wednesday the central bank was in no hurry to cut benchmark rates and will remain data dependent, especially as it remains unclear how Trump’s tariffs will impact the economy. Stocks closed slightly lower that day following those remarks.
Trump ripped into Powell again Thursday, saying the Fed Chair is costing the U.S. “hundreds of billions of dollars” by delaying rate cuts.
Investor fears around the conflict between Israel and Iran, which has yet to cool, were tamed after Trump said Thursday that he would decide whether to strike Iran within the next two weeks but wanted to allow for “a substantial chance of negotiations.”
Prices for the 10-year Treasury were higher, weighing yields to 4.38% from Wednesday’s 4.39%. Treasury prices and yields move in opposite directions.
Oil prices notched a nickel higher to $75.19 U.S. a barrel.
Gold prices slid $22.20 to $3,385.90 U.S. an ounce.
Dow Little Changed Day After Holiday
