U.S. stocks were on track for weekly gains but traded mixed Friday after President Trump said he hadn’t yet agreed to roll back import duties on China as part of a “phase-one” trade deal.
How are the major benchmarks performing?
The Dow Jones Industrial Average DJIA, +0.01% fell 20 points, or 0.1% to 27,654, the S&P 500 index SPX, +0.25% gained 3 basis points, or 0.1%, to trade at 3,088. The Nasdaq Composite Index COMP, +0.48% was up 28 points, or 0.3%, at 8,463.
On Thursday, the Dow and S&P 500 each posted a record close, while the Nasdaq Composite saw its second-highest close in history, according to Dow Jones Market Data.
For the week, the Dow was on pace to rise 1.2% while the S&P 500 is set for a 0.8% gain and the Nasdaq was poised for an advance of 1%.
What’s driving the market?
Stock markets pulled back slightly Friday amid growing doubts that the U.S. will agree to pare import duties in stages as a part of its partial China trade pact after President Trump told reporters he hasn’t yet approved such a measure.
Peter Navarro, a senior U.S. trade adviser, said late Thursday that there was no formal agreement in place and the final decision would lie with Trump, according to The Wall Street Journal.
But fresh clouds over trade talks appeared unlikely to upend the week’s overall stock market rally, which gained steam early Thursday after China’s Ministry of Commerce said that an agreement had been achieved to jointly eliminate some tariffs in stages as a part of the phase-one pact. Some of the cheer surrounding that news faded in afternoon trade amid reportsof “fierce internal opposition” within the White House, but not enough to derail weekly gains.
“There is a lot of noise