WASHINGTON (dpa-AFX) - After failing to sustain an initial move to the upside, stocks showed a lack of direction over the course of the trading session on Friday. The major averages spent much of the day bouncing back and forth across the unchanged line before eventually closing narrowly mixed.
While the Nasdaq crept up 0.78 points or less than a tenth of a percent to 17,928.92, the S&P 500 edged down 4.03 points or 0.1 percent to 5,659.91 and the Dow dipped 119.07 points or 0.3 percent to 41,249.38.
For the week, the S&P 500 declined by 0.5 percent, the Nasdaq fell by 0.3 percent and the Dow slipped by 0.2 percent.
The early strength on Wall Street came amid optimism about a potential U.S.-China trade deal ahead of Treasury Secretary Scott Bessent's talks with Chinese officials in Switzerland this weekend.
A Bloomberg report citing people familiar said the U.S. is hoping to slash its China tariffs to below 60 percent from the current level of at least 145 percent during the weekend talks.
However, President Donald Trump said in a post on Truth Social that a higher '80% Tariff on China seems right,' partly offsetting the positive sentiment.
While Trump also said many trade deals are 'in the hopper,' traders remain cautious even after yesterday's announcement of the framework of a U.S.-U.K. trade deal.
Among individual stocks, shares of Lyft (LYFT) skyrocketed after the ride-sharing company reported a first quarter profit compared to a year-ago loss and boosted its share buyback plan to $750 million.
Shares of The Trade Desk (TTD) also spiked after the digital marketing company reported better than expected first quarter results.
On the other hand, shares of Affirm Holdings (AFRM) plunged after the buy now, pay later company reported an unexpected fiscal third quarter profit but provided disappointing revenue guidance for the current quarter.
Travel booking platform Expedia (EXPE) also moved sharply lower after reporting first quarter revenue that missed estimates and issuing soft guidance.
Sector News
Reflecting the lackluster performance by the broader markets, most of the major sectors ended the day showing only modest moves on the day.
Gold stocks showed a strong move to the upside, however, with the NYSE Arca Gold Bugs Index surging by 3.3 percent. The strength among gold stocks came amid a sharp increase by the price of the precious metal.
Networking, telecom and energy stocks also saw some strength on the day, while biotechnology and pharmaceutical stocks moved to the downside.
Other Markets
In overseas trading, stock markets across the Asia-Pacific region turned in a mixed performance during trading on Friday. Japan's Nikkei 225 Index surged by 1.6 percent, while China's Shanghai Composite Index dipped by 0.3 percent.
Meanwhile, the major European have all moved to the upside on the day. While the U.K.'s FTSE 100 Index rose by 0.2 percent, the German DAX Index and the French CAC 40 Index both climbed by 0.6 percent.
In the bond market, treasuries showed a lack of direction after moving sharply lower in the previous session. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, inched up by less than a basis point to 4.375 percent.
Looking Ahead
Reports on consumer and producer price inflation, retail sales, industrial production and consumer sentiment are likely to attract attention next week, although any developments on the trade front may steal the spotlight.
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