Wall Street is in the green on Friday, showing gains across major U.S. equity indices following significant losses on Thursday. Notably, the technology sector is leading the way, capitalizing on a retreat in Treasury yields.
This positive momentum is occurring despite hawkish comments from Federal Reserve officials earlier in the day.
Federal Reserve Bank of Boston President Susan Collins emphasized that crucial aspects of inflation, such as core services excluding shelter, have yet to demonstrate sustained improvement. Fed board member Michelle Bowman indicated that progress on inflation is likely to be slow under current conditions, hinting at the potential need for even tighter monetary policy.
The UAW has expanded its strikes to 38 locations across 20 states, targeting facilities at General Motors Company (NYSE:GM) and Stellantis N.V. (NYSE:STLA) while excluding Ford Motor Co. (NYSE:F).
Cues From Friday’s Trading
The S&P 500 index rose 0.6%, while the Nasdaq 100 soared 1%. Both blue-chip and small-cap stocks edged slightly up by 0.2%.
| Index | Performance (+/-) | Value |
| Nasdaq 100 | +1.03% | 14,845.00 |
| S&P 500 Index | +0.62% | 4,351.70 |
| Dow Industrials | +0.22% | 34,137.71 |
| Russell 2000 | +0.15% | 1,784.77 |
Upcoming Economic Data:
Minneapolis Fed President Neel Kashkari, a member of the Federal Open Market Committee, and San Francisco Fed President Mary Daly are scheduled to speak at 1 p.m. EDT.
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Stocks In Focus:
Commodities, Bonds, Other Global Equity Markets:
Crude oil rose 0.7%, with a barrel of WTI-grade crude trading at $90. The United States Oil Fund ETF (NYSE:USO) was 0.4% higher to $80.70.
Treasury yields were lower: the 10-year yield fell by 7 basis points to 4.43% and the two-year yield fell by 4 basis points to 5.11%. The iShares 20+ Year Treasury Bond ETF (NYSE:TLT) was 0.9% higher for the day.
The dollar slightly rose, with the U.S. dollar index, which is tracked by the Invesco DB USD Index Bullish Fund ETF (NYSE:UUP), up 0.1%. The EUR/USD pair, which is tracked by the Invesco CurrecyShares Euro Currency Trust (NYSE:FXE), was flat at 1.0657.
European equity indices closed in the green. The SPDR DJ Euro STOXX 50 ETF (NYSE:FEZ) rose 0.3%.
Gold edged 0.3% higher to $1,925/oz, while silver rose 0.7% to $23.56. Bitcoin (CRYPTO: BTC) was flat at $26,598.
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