The Dow Jones Industrial Average and other major stock indexes wrapped up a week of strong gains Friday as President Donald Trump hinted at potential U.S. trade deals. Meanwhile, Tesla recovered some of its recent losses on the stock market today amid reports the company plans to launch a limited version of its robotaxi service in San Francisco this weekend. It first launched in Austin, Texas, in June.
The Dow Jones index finished up 0.5%. The S&P 500 added 0.4%, scoring its fifth consecutive closing high. The tech-heavy Nasdaq composite gained 0.2%, also scoring a new closing high and a third straight win. All three indexes gained more than 1% each for the week. Small caps on the Russell 2000 rose 0.4% on Friday, notching a 0.9% weekly increase.
Volume on the New York Stock Exchange and the Nasdaq was lower compared with Thursday. Breadth was positive on the NYSE with advancers leading decliners by around 3-to-2, though decliners outnumbered advancers on the Nasdaq by a small margin.
The yield on the benchmark 10-year Treasury note fell to 4.39%. Crude oil declined to trade around $65 a barrel.
3:23 p.m. ET
S&P 500 Sectors: Real Estate, Utilities Lag
Among the S&P 500 sectors, real estate and utilities lagged while the others gained.
In stocks, Universal Logistics rose despite reporting its second consecutive quarter of declining sales and earnings. Shares soared more than 7% amid a four-day winning streak.
1:55 p.m. ET
Charter Communications Plunges On Earnings
In stocks, Charter Communications sold off on earnings. Shares got turned away from their 50-day moving average and also undercut a base.
Charter said internet subscribers fell 1.5% annually in the second quarter, though its number of mobile lines increased. Earnings growth decelerated to 8% from the prior quarter while sales came in slightly higher than the prior year.
Earnings Wave, Tariffs, Fed Due; Tesla Eyes 'Robotaxi' Expansion
1:10 p.m. ET
Cathie Wood Buys Tesla; Trump Talks China
In focus Friday, famed investor Cathie Wood bought $7.4 million worth of Tesla stock, according to a website that tracks trades in the ARK Invest exchange traded funds. Tesla shares were up more than 4% in recent action.
In more tariff news, Trump said the U.S. has the "confines of a deal with China. We don't have a deal with Canada."
Speaking to reporters in Washington, Trump indicated that if a deal with Canada does not go through, a steep 35% tariff on Canadian goods not covered by the U.S.-Mexico-Canada Agreement, or USMCA, may take effect on Aug. 1.
12:27 p.m. ET
Stock Market Today: Fortinet Near Buy Point With Earnings Due
In stocks, Fortinet edged up in a cup-with-handle base with a buy point of 109.33. The cybersecurity company will report earnings on Aug. 6. Fortinet has a Composite Rating of 96 and Earnings Per Share Rating of 99.
In aerospace and defense, Elbit Systems rose in a flat base with a buy point of 476.04. In heavy construction, Argan headed for a third day of gains within a consolidation that has a buy point of 246.60.
11:33 a.m. ET
Trump Gives Europe Deal A '50-50' Chance
Trump on Friday said the odds of the U.S. reaching a trade deal with the European Union were "50-50" or less. "We're working very diligently with Europe, the EU," he told reporters in Washington, according to Reuters.
Late Thursday, Trump said he wouldn't fire Federal Reserve Chairman Jerome Powell, The Wall Street Journal reported. The Fed's rate-setting committee will start a two-day meeting on Tuesday.
Traders expect the committee to hold interest rates steady, with a 62.4% chance of a rate cut in September. On Friday, Reuters reported that Trump felt the Fed may be ready to lower interest rates.
Stock Market Today: Comfort Systems, Newmont Jump On Earnings
In stocks, Comfort Systems soared 16% after its second-quarter report, which showed that growth accelerated. Earnings of $6.53 per share increased 75% from a year ago, and sales grew 20% to $2.2 billion.
Earnings also moved Newmont. Shares were above a buy zone headed into earnings late Thursday and surged more than 5% in Friday trades after the gold mining company announced its second-quarter results. Earnings of $1.43 per share increased 99% from the prior year. Sales grew 21% to $5.3 billion.
Earnings from Magnificent Seven stocks Apple, Amazon, Meta Platforms, and Microsoft are due next week. Apple and Amazon are scheduled to report on Thursday, while Meta and Microsoft will release results on Wednesday. Apple is in a base with a buy point of 260.10. Other tech leaders are extended.
10:43 a.m. ET
FCC Approves Paramount Global Deal
Elsewhere, the Federal Communications Commission approved Paramount Global's acquisition of Skydance for $8 billion. Shares extended gains amid a six-day winning streak.
In other merger news, regional bank Pinnacle Financial tumbled more than 12% following its deal to merge with Synovus Financial in an $8.6 billion all-stock deal. Synovus stock also fell more than 12% below a buy point of 56.17 and triggered the 7% sell rule.
Volkswagen rose more than 2% after the German automaker reported second-quarter results and warned of intensifying competition and tariff risk for the second half of the year.
The 10-year Treasury yield ticked higher to 4.42%. Oil prices edged lower with West Texas Intermediate futures at around $65.60 a barrel.
9:46 a.m. ET
Dow Jones Movers: UnitedHealth, McDonald's
Inside the Dow 30, UnitedHealth Group and McDonald's were the session's biggest winners, up 2.3% and 1%, respectively.
UnitedHealth stock is trying to bounce back from Thursday's 4.8% drop, while McDonald's remains stuck below its 50-day and 200-day moving averages.
9:06 a.m. ET
Tesla Stock Climbs On New Robotaxi Launch
Tesla stock gained nearly 1% Friday morning after Business Insider reported that the electric-vehicle giant plans to launch its robotaxi service in San Francisco over the weekend.
Shares had plunged more than 8% Thursday after the company's second-quarter earnings results, breaking down below their 50-day and 200-day moving averages.
8:43 a.m. ET
Stock Market Today: Durable Goods Orders Surprise
Early Friday, the Commerce Department said that new durable goods orders fell less than expected, down 9.3% in June vs. an expected decline of 11%.
Excluding aircraft, orders rose 0.2%, just above the 0.1% estimate. But core capital goods fell 0.7%, below calls for a 0.2% increase.
7:58 a.m. ET
Intel Plunges On Earnings
Chip giant Intel dropped more than 7% Friday premarket after the company beat low expectations for revenue in the second quarter but posted a surprise loss.
The Santa Clara, Calif.-based company lost an adjusted 10 cents a share on sales of $12.86 billion in the June quarter. Analysts polled by FactSet had expected Intel to earn 1 cent a share on sales of $11.97 billion. In the same quarter last year, Intel earned 2 cents a share on sales of $12.83 billion.
Earnings Movers: Centene, Deckers
Other key earnings movers Friday included Centene, Deckers Outdoor, Edwards Lifesciences and HCA.
Centene stock dived more than 15%, while Deckers shares soared nearly 14%. Shares of Edwards Lifesciences jumped more than 8%, while HCA stock lost more than 2% in premarket trading.
Stock Market Today: Durable Goods Orders
On the economic front, the Commerce Department is set to report durable goods orders at 8:30 a.m. ET.
New orders are expected to drop 11% in June, according to Econoday. Excluding aircraft, orders are expected to be up a fraction. And core capital goods are anticipated to be up 0.2% on the month.
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