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Dow Jones Today Live Updates: Dow Jones rises as tech jitters linger; Tesla gains.
Dow Jones Today | US Stock Market Live: Wall Street's main indexes opened largely muted on Friday as worries about cracks in the AI trade pressured semiconductor stocks, while gains in Tesla provided some support.
The Dow Jones Industrial Average rose 130.6 points, or 0.25%, at the open to 52,308.28. The S&P 500 rose 1.3 points, or 0.02%, at the open to 7,745.32, while the Nasdaq Composite dropped 60 points, or 0.22%, to 26,652.985 at the opening bell.
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US natural gas futures fell about 4% to a one-week low on Friday on continued mild weather, forecasts for less demand this week than previously expected, and a small increase in output in recent days. Front-month gas futures for November delivery on the New York Mercantile Exchange fell 13.4 cents, or 4%, to $3.102 per million British thermal units, putting the contract on track for its lowest close since October 5. That also put the contract down about 4% this week after gaining 6% last week.
Gold prices were set for a weekly loss as traders weighed the prospect of further Federal Reserve rate hikes this year following a run of hotter-than-expected US inflation data. Spot gold was up 0.1% at $4,175.34 per ounce by 9:44 EDT (1344 GMT) and was down 0.4% so far in the week.
The head of the IMF on Friday appealed to global leaders to cooperate in the face of multiple economic risks, including rapid advances in AI and a prolonged war in the Middle East, as Washington hailed what it sees as US-led economic momentum.
Their contrasting views echoed throughout this year's annual meetings of the International Monetary Fund and World Bank in Bangkok, as finance officials and central bankers from around the world took stock of a global economy rocked by high inflation and rising interest rates that have kept growth sluggish and increased inequality.
ExxonMobil signaled on Friday that higher refining margins during the third quarter could boost its downstream profit by $4.5 billion compared with the previous three months.
Refining margins have soared due to the ongoing Iran war, which has restricted energy exports through the Strait of Hormuz, as well as Ukrainian attacks on Russian refineries. The resulting higher fuel prices have created political risks for the administration of US President Donald Trump ahead of the midterm elections in November.
Websites and online delivery services at grocery chains belonging to Dutch supermarket operator Ahold remained offline for a fifth day on Friday following what the company has described as a "cybersecurity incident" that prompted it to shut down some of its own IT systems.
An Ahold spokesperson said the parent company cannot comment about the situation at its individual chains. (Read more)
Meta launched a new open-weight AI model, Muse Spark Open, on Thursday, the tech giant announced in a blog post. Muse Spark Open is a coding-focussed model that Meta says can also work with screenshots, video clips, and documents in real time.
The company said it is made for complex software tasks and has strong safeguards, though it did not say what they are. (Read more)
The World Bank sees up to $5 billion in possible loans to Venezuela over the next two years, a top official for the Washington-based lender in the region, Susana Cordeiro Guerra, told Bloomberg News in an interview published on Friday.
President Donald Trump said the US may have to target Pickaxe Mountain, a site linked to Iran's nuclear program, as he aims to ensure Tehran does not get a nuclear weapon.
Neocloud companies Nebius Group and Iren fell 2% each, while Micron Technology and Broadcom slipped 1.7% and 0.4%, respectively. AI-linked stocks have tumbled this week as investors question whether heavily indebted data-centre operators can become profitable quickly enough to meet their obligations as borrowing costs rise.
Varonis Systems shares climbed 2.3% after Thoma Bravo-owned Proofpoint agreed to acquire the data-security company for $6.3 billion in an all-cash transaction.
Markets increasingly expect the Federal Reserve to keep interest rates unchanged this month. Fed Chair Kevin Warsh said the US economy remained resilient and was benefiting from an AI-driven investment boom. He, however, noted the spending surge was boosting inflation.
Tesla shares rose 4.4% in premarket trading after the electric-vehicle maker unveiled a redesigned Roadster featuring rocket-style thrusters developed in collaboration with SpaceX. Shares of SpaceX gained 2.1%.
US stock futures diverged on Friday as renewed concerns over the AI trade pressured technology shares, while gains in Tesla and lower oil prices offered support. At 6:21 a.m. ET, Dow E-minis rose 204 points, or 0.39%, and S&P 500 E-minis gained 12.5 points, or 0.16%, while Nasdaq 100 E-minis slipped 23.5 points, or 0.08%.