WASHINGTON (dpa-AFX) - Stocks have shown a lack of direction over the course of the trading day on Friday, with the major averages bouncing back and forth across the unchanged after ending the previous session sharply higher.
Currently, the major averages are turning in a mixed performance on the day. While the Nasdaq is down 87.98 points or 0.3 percent at 25,721.68, the S&P 500 is up 2.94 points or less than a tenth of a percent at 7,397.24 and the Dow is up 194.97 points or 0.4 percent at 51,043.72.
The choppy trading on Wall Street comes as traders keep an eye on developments in the Middle East amid conflicting comments from President Donald Trump.
Trump called off a previously announced attack on Iran on Thursday and signaled that a peace deal was near, triggering the rally by stocks.
In a post on Truth Social this morning, however, Trump claimed terms of the deal leaked by Iran have 'NOTHING to do with the terms that were agreed to, in writing.'
Trump also referred to the Iranians as 'very dishonorable people to deal with,' adding, 'With them, there is no such thing as dealing in good faith.'
Reports have indicated the U.S.-Iran memorandum of understanding calls for the Strait of Hormuz to be reopened immediately without tolls and for Iran to receive sanctions relief based on compliance.
The deal would also reportedly extend the ceasefire for 60 days, including in Lebanon, with nuclear negotiations set be held during that time.
A report from Bloomberg said the U.S. and Iran may sign the agreement on the sidelines of the Group of Seven world leaders summit next week.
Traders are also keeping an eye on shares of SpaceX (SPCX), with the rocket maker making on the Nasdaq in the largest initial public offering (IPO) in history. SpaceX is currently soaring by 22 percent.
Sector News
Despite the lackluster performance by the broader markets, gold stocks are moving sharply higher along with the price of the precious metal, driving the NYSE Arca Gold Bugs Index up by 2.4 percent.
Considerable strength is also visible among computer hardware stocks, as reflected by the 1.9 percent gain being posted by the NYSE Arca Computer Hardware Index.
Semiconductor, oil producer and airline stocks are also seeing considerable strength, while retail stocks have shown a notable move to the downside.
Other Markets
In overseas trading, stock markets across the Asia-Pacific region moved sharply higher on Friday. South Korea's Kospi spiked by 4.6 percent, Japan's Nikkei 225 Index surged by 2.8 percent and China's Shanghai Composite Index jumped by 1.1 percent.
The major European markets have also shown strong moves to the upside on the day. While the French CAC 40 Index is up by 1.8 percent, the German DAX Index is up by 1.7 percent and the U.K.'s FTSE 100 Index is up by 1.6 percent.
In the bond market, treasuries are giving back ground after moving sharply higher in the previous session. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, is up by 1.6 basis points at 4.479 percent.
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