Stocks finished mixed Friday as investors assessed trade headlines and economic updates. Although the week was filled with mostly positive trade rhetoric, fresh U.S. tariffs on Chinese goods are set to take effect Sunday. The major averages snapped a four-week losing streak, though still tallying the largest monthly decline since May. The S&P 500 rose less than 0.1% Friday, with trading volume roughly 30% below average ahead of the long weekend. The Dow added 41 points, while the Nasdaq Composite was down 0.1%.
On the data front, personal spending jumped 0.6% in July, while personal income edged up 0.1%. Separately, the final University of Michigan survey for August showed consumer sentiment dropping the most since December 2012. Additionally, the core PCE deflator, the Fed’s preferred proxy for inflation, showed an annualized gain of 1.6% in July, matching the prior reading. Treasuries finished little changed Friday, with the yield on the 10-year note steady at 1.50%. The benchmark yield shed more than 0.50% in August, its biggest slide since 2015. In commodities, WTI crude lost 2.8% to $55.10/barrel, capping a monthly decline of more than 6%.
In earnings, Ulta Beauty tumbled 29.6% after missing analyst profit estimates and lowering forward guidance. In other earnings, Campbell Soup jumped 3.9% after delivering an earnings beat. Dell Technologies rallied 10.2% following its positive quarterly results.
For the week, the S&P advanced 2.8%, the Dow climbed 3%, and the Nasdaq Composite rallied 2.7%. For the month, the S&P 500 declined 1.8%, the Dow dropped 1.7%, and the Nasdaq Composite fell 2.6%.