Stocks finished mixed Friday. The Dow lost 22 points to 25964, while the S&P 500 was unchanged at 2901. The Nasdaq Composite added 21 points to 8109, notching its best August performance since 2000 amid a 2.0% monthly rally in Tech shares.
The major averages fluctuated as lingering trade concerns continued to weigh on investor sentiment. In geopolitical news, an outsized focus remains on the ongoing discussions between the U.S. and Canada as the two sides continue negotiating a new trade agreement to replace NAFTA. On the data front, the final August reading on consumer sentiment from the University of Michigan was upwardly revised from 95.5 to 96.2. Separately, the Chicago PMI release showed regional expansion of business activity cooled from a six month high in August.
Six of 11 S&P 500 sectors closed higher with Energy shares lagging. Consumer Discretionary stocks outperformed amid generally strong earnings releases. Lululemon surged 13.1% to $154.93, and Ulta Beauty climbed 6.4% to $260.00 after both companies topped Wall Street’s profit expectations.
Breadth was positive on issues by 6:5 on the NYSE and 5:3 on the Nasdaq. Composite NYSE volume was more than 3.8 billion shares.
Treasuries were mixed with the yield on the 10-year note ending the day unchanged at 2.86%. In commodities, WTI crude slipped 0.5% to $69.93/barrel. COMEX gold was flat at $1200.40/ounce despite a stronger dollar.
The Dow added 0.7% for the week, to close up 2.2% in August. The S&P 500 posted a 0.9% weekly advance, to finish 3.0% higher on the month. The Nasdaq Composite gained 2.1% this week, to end August with a 5.7% gain.