Wall Street Mixed as Oil Prices Fall Amid US-Iran Talks
The US stock market saw an uptick in futures on Friday, but Wall Street is set for a mixed weekly performance. The volatile week has been marked by a rally in artificial intelligence trade, conflicting geopolitical signals, and a sell-off in US Treasury bonds.
The S&P 500 shed 0.1% to 7,697.68 points, the tech-heavy Nasdaq Composite declined 0.2% to 26,900.60 points, and the blue-chip Dow Jones Industrial Average rose 0.2% to 51,462.44 points.
A sell-off in global debt has weighed on equity-market sentiment since Wednesday, driven by elevated oil prices and signs of US economic resilience. Bets have increased that the Federal Reserve will have more room to raise interest rates later this year, powered by a jump in the benchmark 10-year yield to a post-2007 peak of 5.2%.
Oil prices fell on Friday as reports of US-Iran talks tempered some supply concerns, but geopolitical risks remain elevated due to Houthi missile attacks on Saudi Arabia.