U.S. stocks recovered slightly from heavier losses early on Friday to close the week on a loss following an influx of mixed economic signals throughout the last week. While the retail sector data remained strong following an onslaught of earnings reports from big box stores that exceeded expectations, the minutes from the last Federal Reserve meeting indicated that policymakers have not ruled out further interest rate hikes.
The Dow Jones Industrial Index remained 0.08% higher, about 27 points, above the flatline, while the tech-heavy Nasdaq Composite Index fell 0.2% to mark its fourth consecutive daily loss. More than halfway through the month, the Nasdaq has posted just three winning days in August. The benchmark S&P 500 index closed marginally above the flatline.
The 10-year Treasury Yield fell slightly on Friday to around 4.25%, remaining near recent highs. This comes as property developer Evergrande filed for bankruptcy in US court and investors also turn focus to global markets, where China’s economic stagnation persists.
Fed Chair Jerome Powell is slated to speak next Friday at the annual Jackson Hole Economic Policy Symposium, providing observers with clues on the Fed’s next moves.