US Stocks Bounce Back as Oil Prices Fall Under $100
The US stock market ended mixed on Friday, as falling oil prices and easing pressure from the bond market helped stocks recover after recent losses. The Dow Jones Industrial Average dropped by 0.18%, while the S&P 500 gained 0.17% and the Nasdaq Composite rose 0.40%. Semiconductor stocks were a significant contributor to the gains in the Nasdaq and S&P 500, but broader weakness weighed on the Dow.
The US Treasury yields moved above 5% during the session, sparking concerns over inflation and interest rates. The upcoming Trump-Xi summit remains a key focus for global markets, with trade tariffs expected to be a major issue. The existing US-China trade truce is set to expire in November.
WTI Crude oil pulled back under $100 per barrel after reaching a four-month high last week due to reports that Saudi Arabia plans to restore roughly half of its East-West pipeline capacity.