S&P 500 Extends Retreat From Highs, Bitcoin Falls Below $103,000: What's Driving Markets Friday?

U.S. stocks edged lower Friday afternoon, with the S&P 500 extending its retreat from a 3 1/2-month high reached last week, as investors braced for potential geopolitical fallout, with President Donald Trump weighing a military response in the escalating Iran-Israel conflict.

On Friday, Trump convened a national security meeting at the White House to discuss Iran, a day after announcing a two-week timeline to decide on potential U.S. involvement in the war.

By 1:30 p.m. ET, the S&P 500 declined 0.4% to 5,960, taking its pullback from the June 11 high to 1.5%. The Dow Jones Industrial Average slipped 0.1% to 42,140, while the Nasdaq 100 underperformed with a 0.7% drop to 21,560, and the small-cap Russell 2000 was down 0.4% at 2,105.

With all major indexes hovering near flat for the week, markets appeared directionless, reflecting a wait-and-see approach among investors wary of potential weekend developments in the Middle East.

Defensive sectors gained traction, with consumer staples leading the performance board, while technology and materials stocks lagged behind.

The U.S. dollar held steady on the day but remained on pace for a 0.5% weekly advance. Oil prices were unchanged, with West Texas Intermediate crude holding at $73.58 a barrel. Gold hovered near $3,370 an ounce, while silver tumbled 1.9% to $36.

Treasuries firmed, with the 10-year yield easing to 4.36%. In crypto markets, Bitcoin BTC fell below $103,000, marking a two-week low and underscoring the broader cautious tone on risk assets.

Friday’s Performance In Major US Indices, ETFs

According to Benzinga Pro data:

• The Vanguard S&P 500 ETF VOO fell 0.5% to $546.73.
• The SPDR Dow Jones Industrial Average DIA dropped 0.5% to $420.82.
• The tech-heavy Invesco QQQ Trust Series QQQ fell 0.7% to $593.01.
• The iShares Russell 2000 ETF IWM slipped 0.5% to $208.57.
• The Consumer Staples Select Sector SPDR Fund XLP outperformed, up 0.7%; the Technology Select Sector SPDR Fund XLK lagged, down 0.8%.

Friday’s Stock Movers

• Accenture plc ACN shares fell 7% after quarterly results missed on bookings, with EPS guidance coming in line with expectations.
• Under Armour Inc. UAA jumped 12% after announcing a sponsorship deal with China's national flag football and men's rugby sevens teams, including gear supply and grassroots support.
• GXO Logistics Inc. GXO surged 12% after Wells Fargo raised its price target to $48 from $44 and reaffirmed its ‘Overweight' rating.

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