Stocks slipped for the week after interest-rate- sensitive utilities and real estate companies came under pressure as the Treasury 10-year note yield reached its highest level since 2011.
Equities traded in a narrow range on Friday, with the tech sector under pressure while investors were paying attention to the latest developments on trade.
The Dow Jones Industrial Average edged up 1.11 point to 24,715.09 at the close. The S&P 500 lost 7.16 points, or 0.3%, to 2,712.97. The Nasdaq Composite fell 28.13 points, or 0.4%, to 7,354.34.
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|I:COMP||NASDAQ COMPOSITE INDEX||11621.709487||+109.30||+0.95%|
Campbell Soup tumbled Friday as the company announced the sudden retirement of its CEO and a strategic review.
For the week, the Dow industrials fell 0.5%, while the S&P 500 lost 0.5% and the Nasdaq shed 0.7%.
The benchmark 10-year U.S. Treasury yield settled Friday at 3.067%, up from 2.971% a week earlier.
President Donald Trump and a U.S. team led by Treasury Secretary Steve Mnuchin met at the White House this week with Chinese Vice Premier Liu He to discuss trade.
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On Friday, a spokesman for the Chinese Commerce Ministry said the country had dropped its anti-dumping investigation into U.S. sorghum imports because it was not in the public interest
U.S. and Chinese trade negotiations are heading in a direction that could eliminate tariffs, according to Larry Kudlow, chief economic adviser to Trump.
“At the moment, there is no deal,” he told Trish Regan during a FOX Business interview on Friday. “We’re just really starting out this process. But we’re moving in that direction. I think that’s the best part.” In the commodity markets, U.S. crude for June delivery decresed 0.3% to $71.28 a barrel, although prices were 18% higher for the year.