U.S. equities were mixed Friday as investors weighed trade developments and economic data releases. The Dow added 37 points, marking its eighth straight advance and ending the week 1.6% higher. The S&P 500 dipped 0.1%, despite gaining 1% this week. The Nasdaq Composite lost 2% amid weakness in Tech shares, but managed to advance 0.9% on the week.
A report from China revealed Beijing officials will exempt U.S. agricultural products from the latest round of tariffs. The move was in response to President Trump’s decision to delay an increase in duties on Chinese goods by two weeks. The White House also indicated a willingness to accept a short term trade deal as the two countries continue to sort through “structural issues” that are impeding a broader pact at this time.
On the data front, retail sales climbed 0.4% in August, topping expectations of 0.2%. A preliminary gauge of consumer sentiment from the University of Michigan came in at 92.0, above consensus estimates of 90.8. Treasuries weakened with the yield on the benchmark 10-year note jumping 12 basis point to 1.90%. In commodities, WTI crude ticked down 0.4% to $54.85/barrel.
Seven of 11 S&P 500 sectors finished lower with Consumer Staples and Technology shares leading decliners. Broadcom lost 3.4% after the semiconductor offered uneasy guidance on future chip demand. Apple declined 1.9% following an analyst price target decrease. Elsewhere, PG&E gained 10.7% after reaching an $11 billion dollar settlement to resolve 85% of insurance claims that resulted from wildfires.