U.S. stocks edged lower at Friday’s open as enthusiasm wanes for risky assets with market participants assessing conflicting narratives on progress in Sino-American trade talks and reports of White-House infighting.
How are the major benchmarks performing?
The Dow Jones Industrial Average DJIA, -0.14% fell 12 points, or 0.4% to 27,662, those the S&P 500 index SPX, -0.18% fell 5 points or 0.2% to 3,081, while the Nasdaq Composite index COMP, -0.08% retreated 17 points, or 0.2%, at 8,419.
On Thursday, the Dow rose 182.24 points, or 0.66%, to a record 27,674.80, while the S&P 500 index gained 8.4 points, or 0.27%, to an all-time high of 3,085.18. The Nasdaq Composite Index added 23.89 points, or 0.28%, to 8,434.52, its second-highest close in history, according to Dow Jones Market Data.
For the week, the Dow was likely to gain 1.2%. while the S&P 500 and Nasdaq may finish the five-session period 0.4% higher.
What’s driving the market?
Doubts about the U.S. agreeing to roll back some import duties in stages as a part of its partial pact with China are dulling the enthusiasm for equities that has taken all three stock indexes to fresh highs this week and driven Treasury yields to their highest levels since the 2016 election, won by President Donald Trump.
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.
On Thursday, the 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 but optimism surrounding that news faded in afternoon trade amid reportsof “fierce internal opposition” within the White House.
“A note of caution needs to be exercised