The three major averages in the US swung between small gains and losses on Friday, after gaining in the previous three sessions, as traders weigh confusing signals on trade developments and a fresh batch of corporate earnings.
There were reports that China was considering suspending its 125% tariff on certain US imports, but Chinese authorities stated that no tariff negotiations were underway. Meanwhile, President Trump said his administration was in discussions with Beijing. Communication services was by far the top performer while energy, materials and health booked the biggest losses.
On the corporate front, Intel shares tumbled more than 7% after issuing a weaker-than-expected outlook. T-Mobile also fell over 8% after reporting lower-than-anticipated postpaid phone subscriber growth. On the upside, Alphabet gained around 3% after delivering earnings that beat estimates. Considering the full week, the S&P 500 is up 3.8%, the Nasdaq gained 5.4% and the Dow added 2% so far.
Source: Trading Economics
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