How major United States stock indexes fared Friday

How major United States stock indexes fared Friday

With the benchmark S&P 500 index now about 1% below its record high, defensive sectors including utilities and real estate .SPLRCR were among the gainers. The blue chip Dow Jones Industrial Average finished at 27201.52, up 373.05 or +1.48% and the technology-driven NASDAQ Composite closed at 10998.40, up 57.23 or +0.60%.

Prices for the 10-Year Treasury fell, raising yields to 0.56% from Thursday's 0.54%.

The data published by the US Bureau of Labor Statistics showed on Friday that Nonfarm Payrolls in July increased by 1,763,000, compared to analysts' estimate of 1.6 million.

However, Democrats and Trump's top aides have so far failed to make substantial progress, with differences partly centred around continuing an extra US$600-per-week (RM2,515) in unemployment benefits.

It comes as tensions between Washington and Beijing continue to escalate over several issues including the origins of the coronavirus and democracy in Hong Kong.

A trader wearing a face covering works on the trading floor of the New York Stock Exchange in New York, the United States, on May 26, 2020.

"It would be political suicide if they don't deliver that", he added.

As of writing, the S&P 500 was down 0.28% on a daily basis at 3,339, the Dow Jones Industrial Average was losing 0.4% at 27,268 and the Nasdaq Composite was falling 0.25% at 11,239.

Indexes off: Dow 0.27%, S&P 0.07%, Nasdaq 0.17%. Each of the three major averages posted weekly gains. At a time when everyone is talking about how big and how important these megacaps are to the S&P, kind of quietly you are starting to see a little bit of a leadership rotation.

Uber fell 5.21 per cent as demand for its ride-hailing trips only marginally recovered from pandemic rock-bottom in the second quarter, even as its food-delivery segment saw double the orders.

Meanwhile, Trump late on Thursday unveiled sweeping bans on US transactions with the Chinese owners of messaging app WeChat and video-sharing app TikTok after his administration flagged greater effort to purge "untrusted" Chinese apps from domestic digital networks. In response, China said the companies complied with US laws and warned Washington would have to "bear the consequences" of its action.

King Lip, chief investment strategist at Baker Avenue Asset Management in San Francisco, said investors were anxious about China's "potential retaliation" against USA actions.

Shares of WeChat-owner Tencent Holdings Ltd fell as much as 10% in Asia trade, while social media giant Facebook was little changed in US premarket trading.

Microsoft Corp, which is seeking to buy TikTok's USA operations, was down about 0.6%.

Advancing issues outnumbered declining ones on the NYSE by a 1.06-to-1 ratio; on Nasdaq, a 1.15-to-1 ratio favored decliners.

"In fact, it was better than expected and means a record high level for the S&P 500 index is potentially in grasp".

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