US Stock Market Today: Nasdaq, Dow Recover Early Losses; Intel Shares Tumble 10%
The indices are all poised to finish the week with gains, with the Dow and Nasdaq both set for nearly a 1% weekly advance, while the S&P 500 has risen about 1.1% so far this week.
The US stock markets edged broadly higher on Friday as investors digested quarterly earnings and assessed the prospects for additional trade deals.
The S&P 500 was trading 0.22% higher, trading at 6,377.39 as of 8:53 p.m., whereas the Dow Jones Industrial Average recovered to trade 80 points, or about 0.18% higher at 44,774.58.
The tech-heavy Nasdaq Composite also edged 0.25% lower to 21,111.56, reversing early losses.
The indices are all poised to finish the week with gains, with the Dow and Nasdaq both set for nearly a 1% weekly advance, while the S&P 500 has risen about 1.1% so far this week.
Investor sentiment was boosted not only by generally positive earnings reports but also by the announcement of a trade deal with Japan, fostering optimism that more significant agreements may be reached before the August 1 deadline for the imposition of heavy tariffs.
Shares of Tesla, Nvidia, Alphabet, and UnitedHealth Group contributed to the rally while those of Intel, Amazon and IBM declined.
Shares of Intel Corp. tumbled nearly 10% on Friday after Chief Executive Officer Tan sparked concerns that he was more focused on cost cutting than restoring the chipmaker’s technological edge, as per a Bloomberg report.
As part of Intel’s second-quarter report Thursday, Tan said the company will cancel some factory projects and take a more conservative approach to future spending, said Bloomberg. Tan called the investments begun under his predecessor, Pat Gelsinger, excessive and unwise.
Six out of the 11 S&P 500 sectoral indices were trading in the green, while five edged lower against the previous day's close. The Consumer Staples sector along with Communications, Energy, Realty and Utilities were the laggards on the index.
Spot gold was trading 1.13% lower at $3,350.54 an ounce, and Brent crude oil was trading 0.46% down at $68.86 per barrel.
The Bloomberg Dollar Index advanced 0.38%. The British pound was trading 0.63% lower at $1.3425, while the Japanese yen inched higher to 147.77 per dollar.
Bitcoin, the largest traded cryptocurrency, fell 2.73% to $115,536.86.
