Stocks have coughed up their early gains, with all 3 major indexes turning red
Stocks moved higher Friday morning, putting Wall Street on track to end a volatile month on an up note as worries over the U.S.-China trade war and the outlook for the global economy ebb.
What’s driving the market? Stocks were following on gains Wednesday and Thursday after Beijing and Washington this week appeared to adopt less strident tones on trade. China’s foreign ministry on Friday said U.S. and China negotiators were maintaining effective communication, Reuters reported. But stocks have pared earlier losses with a rebound this week. Through Thursday, the S&P 500 and Dow were 1.9% lower for August, while the Nasdaq was down 2.5%. For the week, the S&P is up 2.7%, while the Dow has gained 2.9% — on track for the biggest rise since the week ended June 7. The Nasdaq, up 2.9%, is headed for its best week since the period ended June 21.
Which stocks are in focus? Shares of Dell Technology Inc. DELL, +7.83% were up 12% early Friday. After Thursday’s closing bell, it reported second-quarter results that topped Wall Street estimates. Shares of Ulta Beauty Inc. ULTA, -28.58% were down 28%, after the cosmetics retailer reported disappointing second-quarter results Thursday evening.
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