US: Stocks mixed as indexes struggle to retain record highs

[NEW YORK] Wall Street stocks closed mixed on Friday, with the S&P 500 and Nasdaq struggling to log significant gains as investors awaited further corporate results and remarks by the Federal Reserve chair next week.

The Dow Jones Industrial Average slumped by 0.3 per cent to 44,342.19, while the broad-based S&P 500 Index was flat at 6,296.79.

The tech-heavy Nasdaq Composite Index crept up 0.1 per cent to 20,895.66.

“Investors are gearing up for next week,” said Peter Cardillo of Spartan Capital Securities, noting that major brands like Coca-Cola, Tesla and Mattel are set to report their earnings.

Briefing.com added in a note that “a lack of major developments has kept the major averages drifting sideways since falling from session highs this morning.”

For now, traders shrugged off a Financial Times report Friday that US President Donald Trump is pushing for a minimum tariff of 15-20 per cent on European Union products in any deal with the bloc.

This would mark a higher level than the 10 per cent added tariff the EU – and most other US trading partners – are facing.

Markets also digested the preliminary results of a University of Michigan survey, which found that consumer sentiment crept up to the highest value in five months in July, although still substantially below its historical average.

Looking ahead to next week, traders will be eyeing Fed Chair Jerome Powell’s remarks on Tuesday at a conference in Washington. AFP