landsberg bennettStocks finished mixed on Thursday. The Dow fell 74 points to 25509 while the S&P 500 declined 4 points to 2853. The Nasdaq Composite added 3 points to 7891, its first eight-day winning streak since October 2017.

Stocks finished lower Friday. The Dow slipped 196 points to 25313 while the S&P 500 fell 20 points to 2833. The Nasdaq Composite lost 52 points to 7839.

Both the Dow and S&P gave up their weekly gains amid geopolitical concerns. Following President Trump’s announcement of doubling tariffs on Turkish steel and aluminum imports, Turkey’s local currency, the lira, fell to a record low. For the week, the Dow lost 0.6%, while the S&P 500 slipped 0.2%. The Nasdaq Composite advanced 0.3%. On the data front, U.S. consumer prices inched up 0.2% in July with an annualized increase of 2.9%. Core CPI, which excludes food and energy prices, added 2.4%, the largest increase since 2008 and well above the Fed’s 2% inflation target. In a separate report, the U.S. federal government recorded a $76.9 billion deficit in July.

Ten of 11 S&P 500 sectors ended in negative territory. In earnings, News Corp. fell 14.7% to $13.00 while Dropbox slumped 9.9% to $31.01 despite both companies exceeding consensus earnings expectations. In other corporate news, Campbell Soup lost 2.3% to $41.31 while Intel slipped 2.6% to $48.86 following respective analyst’s downgrades.

Breadth was negative on issues by 5:2 on the NYSE and by 3:2 on the Nasdaq. Composite NYSE volume was more than 4.4 billion shares.

Treasuries strengthened with the yield on the benchmark 10-year note down six basis points to 2.87%. In commodities, WTI crude gained 1.4% to $67.72/barrel. COMEX gold lost 0.1% to $1211.10/ounce amid the U.S. Dollar Index trading near a one-year high.