Wall Street's three-day rally came to a pause on Friday, with major indices hovering near the flatline by midday in New York as caution returned amid mixed signals on U.S.-China trade relations.
President Donald Trump claimed to have held a phone call with President Xi Jinping, yet Chinese officials denied that any talks had taken place.
Tesla Inc. (NASDAQ:TSLA) extended its rally into a fourth consecutive session, notching its best weekly performance of the year with a 16% gain. On Thursday afternoon, Transportation Secretary Sean Duffy introduced a new regulatory framework for self-driving vehicles, saying it aimed to reduce bureaucratic hurdles and advance toward a unified national standard.
T-Mobile US Inc. (NYSE:TMUS) was the biggest laggard of the day, falling 11%, on track for its worst single-day loss since March 2020. This came despite better-than-expected earnings, as its core wireless business posted slower growth than analysts had projected.
Among sectors, consumer discretionary led gains, buoyed by Tesla's 8% gain, while materials underperformed.
In fixed income, Treasury yields declined for a fourth straight session, underscoring how critical Trump's early-week reassurance — that he would not dismiss Fed Chair Jerome Powell — was for bond market sentiment.
The yield on the 10-year Treasury note dropped 4 basis points to 4.27%, on course for its lowest close since April 8.
In commodities, gold slid 2%, oil held steady at $62 per barrel, and natural gas rose 1% to $3 per million British thermal units, snapping a 10-session losing streak.
In crypto markets, Bitcoin (CRYPTO: BTC) rose 1.2% to $95,000.
Friday’s Performance In Major US Indices, ETFs
| Major Indices | Price | Chg | |
| Nasdaq 100 | 19,250.90 | +0.2% | |
| S&P 500 | 5,488.71 | +0.1% | |
| Dow Jones | 39,908.60 | -0.5% | |
| Russell 2000 | 1,942.82 | -0.8% | |
According to Benzinga Pro data:
- The SPDR S&P 500 ETF Trust (NYSE:SPY) flattened at $546.92.
- The SPDR Dow Jones Industrial Average (NYSE:DIA) eased 0.5% to $399.23.
- The tech-heavy Invesco QQQ Trust Series (NASDAQ:QQQ) fell 0.2% to $468.61.
- The iShares Russell 2000 ETF (NYSE:IWM) fell 0.7% to $192.79.
- The Consumer Discretionary Select Sector SPDR Fund (NYSE:XLY) outperformed, up 1.1%; the Materials Care Select Sector SPDR Fund (NYSE:XLB) lagged, down 1.1%.
Friday’s Stock Movers
Stocks reacting to earnings report included:
- Alphabet Inc. (NASDAQ:GOOGL): up 1.7%
- T-Mobile US Inc.: down 10.9%
- AbbVie Inc. (NYSE:ABBV): up 2.4%
- Intel Corporation (NASDAQ:INTC): down 7.2%
- Gilead Sciences Inc. (NASDAQ:GILD): down 3.2%
- Aon plc (NYSE:AON): down 11.0%
- Republic Services Inc. (NYSE:RSG): down 0.2%
- Digital Realty Trust Inc. (NYSE:DLR): up 3.0%
- HCA Healthcare Inc. (NYSE:HCA): down 5.2%
- Charter Communications Inc. (NASDAQ:CHTR): up 10.3%
- The Hartford Financial Services Group Inc. (NYSE:HIG): down 1.1%
- Weyerhaeuser Company (NYSE:WY): down 2.1%
- Colgate-Palmolive Company (NYSE:CL): up 1.1%
- Centene Corporation (NYSE:CNC): down 7.7%
- LyondellBasell Industries N.V. (NYSE:LYB): up 0.0%
- VeriSign Inc. (NASDAQ:VRSN): up 9.1%
- Phillips 66 (NYSE:PSX): down 2.0%
- Carrier Global Corporation (NYSE:CARR): down 0.5%
- Schlumberger Limited (NYSE:SLB): down 0.7%
- Erie Indemnity Company (NASDAQ:ERIE): down 11.8%
- Principal Financial Group Inc. (NASDAQ:PFG): down 1.4%
- Eastman Chemical Company (NYSE:EMN): down 6.0%
- Healthpeak Properties Inc. (NYSE:DOC): down 4.7%
Read now:
Photo: Shutterstock