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The S&P 500 was little changed after the release of disappointing consumer sentiment data slowed the benchmark’s four-day winning streak. The benchmark is still on track for a sharp gain on the week after entering positive territory for the 2025.
The Dow Jones Industrials kept their momentum building 89.75 points to 42,412.50
The much-broader index 17.22 points to 5,934
The NASDAQ Composite dipped 18.14 points to 19,150.24.
Stocks have made a strong comeback since U.S. and Chinese officials earlier this week agreed on a 90-day truce in their tariff measures, which eased investors’ fears of escalating global trade tensions and rising risk to the economy.
Week to date, the S&P 500 is up 4.5%, and the Dow has gained 2.6%. The NASDAQ Composite has jumped more than 6% this week. Both the S&P 500 and Dow closed higher on Thursday, while the NASDAQ fell slightly.
A weaker-than-expected reading of consumer sentiment put a dent in overall investor enthusiasm on Friday. The University of Michigan’s survey of consumers fell to 50.8 in May, down from 52.2 in April, which is the second-lowest reading ever behind June 2022.
Consumer expectations for inflation over the next year jumped to 7.3% from 6.5% last month, as survey respondents continue to signal worry tied to President Donald Trump’s tariffs.
Friday could see an uptick in volatility on Wall Street due to a large amount of options contracts that are set to expire. Goldman Sachs estimated that more than $2.8 trillion of notional options exposure will expire on Friday, the biggest such number on record for a May trading day.
Prices for the 10-year Treasury gained a small measure of strength, lowering yields to 4.43% from Thursday’s 4.44%. Treasury prices and
yields move in opposite directions.
Oil prices captured 92 cents to $61.84 U.S. a barrel.
Prices for gold turned lower $41.20 to $3,185.60