U.S. stocks close Mixed as Trade Talks Loom
U.S. stocks finished the week wiht mixed results. Investors were cautious ahead of upcoming trade talks between U.S. and Chinese officials in switzerland. The Dow Jones Industrial Average dropped 0.3%, while the Nasdaq Composite inched up slightly. the S&P 500 was nearly flat, down 0.07%.
This trading activity comes after a preliminary U.S.-U.K. trade deal. However, new tariff talk has kept markets on edge. President Donald Trump suggested an “80% Tariff on China” on Truth Social.This is lower than the current 145% but still higher than the sub-60% expectations earlier in the week.
Mark Hackett of Nationwide noted,”We’re seeing encouraging progress,but we’re still in a period of volatility. We’ll likely stay in this sideways phase until we see concrete results.”
Bitcoin Soars Amid Institutional Interest
Simultaneously occurring, Bitcoin (BTC) surged past $104,000 on Friday morning. This was fueled by strong institutional inflows and ETF performance. Spot Bitcoin ETFs hit a new high in cumulative flows at $40.33 billion, according to Bloomberg data.
However, Bitcoin gave back some gains, trading around $103,000 after Wall Street closed.
Earnings Guidance withdrawals Fewer Than Expected
Wells Fargo reported a positive surprise this season. Only 13 companies withdrew their earnings guidance, fewer than anticipated. Companies like Ford,Delta,and Snap were among those that pulled their forecasts.
