Wall Street traded slightly lower by midday Friday, as investors adopted a wait-and-see stance ahead of a potential trade breakthrough, with high-stakes negotiations between U.S. officials—led by Treasury Secretary Scott Bessent—and Chinese authorities set to unfold over the weekend.
U.S. stocks rallied Thursday after the Trump administration signed its first major trade agreement with the United Kingdom, igniting optimism about further global deals — especially with China — and lifting investor appetite for riskier assets.
Utility stocks hit new highs amid trade policy uncertainty, with Utilities Select Sector SPDR Fund up 6.3% YTD. Constellation Energy Corp. jumps 11.87%.
B of A Securities analyst maintains Buy rating on Chevron Corp. despite mixed Q1 earnings. Reiterates attractive investment due to strong cash flow and financial position. RBC Capital Markets also rates CVX Outperform with $175 price target.
Wall Street kicked off the week with a cautious tone, as major stock indices hovered near the flatline by midday in New York. Investors digested fresh signs of inflationary pressure in the services sector, raising doubts about near-term rate cuts and weighing on risk appetite.
The United States Oil Fund fell 1.4% as Brent crude futures slipped 0.7% to trade just under $60 a barrel in early U.S. trading Monday, while West Texas Intermediate futures dropped 1.1% to $57.65.
