WASHINGTON (dpa-AFX) - After moving mostly higher early in the session, stocks have given back ground over the course of the trading day on Friday. The major averages have pulled back well off their highs of the session, with the Nasdaq and the S&P 500 slipping into negative territory.
Currently, the major averages are turning in a mixed performance. While the Dow is up 38.93 points or 0.1 percent at 46,716.78, the S&P 500 is down 12.86 points or 0.2 percent at 6,659.76 and the Nasdaq is down 90.65 points or 0.4 percent at 22,221.33.
The early strength on Wall Street partly reflected bargain hunting following the steep drop seen during Thursday's session, which dragged the major averages down to their lowest closing levels in over three months.
Buying interest was also generated by a pullback by the price of crude oil, as crude for April delivery gave back ground after soaring by nearly 15 percent over the two previous sessions.
However, the price of crude oil has subsequently bounced back near the unchanged line, leading some traders to cash in on the early gains.
The volatility shown by oil comes as President Donald Trump has ramped up his rhetoric against Iran, calling the regime 'deranged scumbags' that he has the 'great honor' to kill.
Traders are also digesting a slew of U.S. economic data, including a report from the University of Michigan showing consumer sentiment deteriorated in early March due in part to the conflict in the Middle East.
The University of Michigan said its consumer sentiment index fell to 55.5 in March after inching up to 56.6 in February. Economists had expected the index to edge down to 56.2.
Surveys of Consumers Director Joanne Hsu noted lower readings seen after the U.S. and Israel began attacking Iran completely erased gains seen in interviews completed prior to the military action.
The Commerce Department also released a report showing U.S. economic growth slowed by much more than previously estimated in the fourth quarter of 2025.
Sector News
While many of the major sectors are showing only modest moves on the day, gold stocks have moved sharply lower along with the price of the precious metal.
With gold for April delivery slumping more than 1 percent, the NYSE Arca Gold Bugs Index has plunged by 3.8 percent to its lowest intraday level in a month.
Steel and software stocks have also shown notable moves to the downside on the day, while utilities stocks are turning a strong performance.
Other Markets
In overseas trading, stock markets across the Asia-Pacific region moved mostly lower during trading on Friday. Japan's Nikkei 225 Index slumped by 1.2 percent, while China's Shanghai Composite Index slid by 0.8 percent.
The major European markets have also moved to the downside on the day. While the French CAC 40 Index is down by 0.5 percent, the German DAX Index is down by 0.3 percent and the U.K.'s FTSE 100 Index is down by 0.2 percent.
In the bond market, treasuries have pulled back near the unchanged line after seeing early strength. Currently, the yield on the benchmark ten-year note, which moves opposite of its price, is down by less than a basis point at 4.269 percent.
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