4:12pm: Dow squeaks out gain
US stocks wrapped up Friday in mixed fashion, with the Dow Jones Industrial Average barely clinging to a gain while the S&P 500 and Nasdaq slipped.
The Dow added 35 points, or 0.1%, to 44,946, which was not quite enough to notch a record close, while the S&P 500 fell 0.3% and the Nasdaq lost 0.4%. The Russell 2000 lagged, down 0.5%.
Traders kept one eye on markets and the other on Alaska, where President Donald Trump and Russian President Vladimir Putin exchanged greetings at the start of a high-stakes summit focused on ending the Ukraine war. Trump, who earlier this week warned of “severe consequences” for Moscow if the conflict continues after the meeting, is pushing for a resolution between the two countries. Investors are watching closely for signs of how the talks could ripple through global markets.
After a week dominated by economic data, attention is now shifting to central bank speak, and particularly Federal Reserve Chair Jerome Powell’s address next Friday at the Jackson Hole Economic Policy Symposium. This year’s theme, “Labor market in transition,” comes as recent jobs data showed steep downward revisions to prior months, intensifying the policy debate on employment and interest rates.
Markets are currently pricing in about 21 basis points of rate cuts for the Fed’s September meeting, down from more than 25 basis points after last week’s CPI report. Powell’s speech on the “Economic outlook and framework review” will be closely dissected for any hint of where policy is headed next.
3:40pm: Proactive news headlines
- Baselode Energy Corp closed a C$6 million private placement to fund uranium exploration in Canada’s Thelon and Athabasca Basins.
- Nextech3D.AI is developing a blockchain-based SaaS ticketing platform featuring “Event-Tokens” for secure, tradable digital tickets in the global event industry.
- NEXE Innovations Inc delivered more products to ecoBeans Coffee after Amazon Canada sales surged over fourfold in the two months post-launch.
- Ocean Power Technologies Inc urged New Jersey lawmakers to boost support for marine energy, citing economic, climate, and security benefits.
- HIVE Digital Technologies posted record quarterly results as Bitcoin mining capacity and HPC hosting demand surged.
- Digi Power X Inc saw colocation revenue soar 163% year-over-year and removed its “going concern” risk, strengthening its finances.
- G Mining Ventures Corp expects a stronger second half of 2025 as its Tocantinzinho mine in Brazil reaches steady-state operations after record output and cash flow.
2:35pm: Stocks on the move
- Target Corp (NYSE:TGT): Bank of America downgraded Target to “Underperform” from “Neutral” and cut its price target to $93, citing the retailer’s lagging sales, slow digital growth, and weaker strategic investments.
- UnitedHealth Group Inc (NYSE:UNH, ETR:UNH): Berkshire Hathaway bought over five million shares of UnitedHealth, joining other major investors and driving the health insurer’s stock up nearly 13%.
- Beyond Meat Inc (NASDAQ:BYND): Beyond Meat is grappling with falling sales and a cash crunch, denying bankruptcy filings despite reports of a potential Chapter 11.
- Applied Materials Inc (NASDAQ:AMAT, ETR:AP2): Shares dropped over 13% after the company issued fourth-quarter revenue and earnings forecasts that missed Wall Street expectations.
- Nextech3D.AI (CSE:NTAR, OTCQX:NEXCF): The company is developing a blockchain-based SaaS ticketing platform featuring “Event-Token” tickets that double as tradable digital collectibles.
1:20pm: Putin-Trump talks loom
Traders are bracing for Friday’s meeting between Donald Trump and Vladimir Putin, which the Kremlin says could last at least six to seven hours.
Trump told Fox News he would “walk” if the talks don’t go well, while Ukrainian President Volodymyr Zelenskiy said there are no signals from Russia to stop the war.
Ahead of the meeting, investors have been buying Ukrainian bonds and shares of firms poised to benefit from reconstruction or a potential easing of sanctions on Russia.
12:10pm: UnitedHealth gets Buffett boost
Warren Buffett’s Berkshire Hathaway Inc (NYSE:BRK.A) has added a little more than five million shares of UnitedHealth Group Inc (NYSE:UNH, ETR:UNH), sending shares of the health insurer nearly 13% higher on Friday.
According to SEC filings, Buffett is joining other major investors including David Tepper and Michael Burry in boosting stakes in the beleaguered company.
Buffett’s stake comes after UnitedHealth reported second-quarter earnings that fell short of Wall Street expectations and reinstating a full-year forecast below consensus.
Adjusted earnings of $4.08 per share for the quarter ended June 30 were down 14% from a year earlier and below analysts’ estimate of $4.45. Earnings from operations fell 34% to $5.2 billion, while net margin narrowed to 3.1%.
11:20am: Consumer sentiment slips
Preliminary data from the University of Michigan shows USconsumer sentiment fell to 58.6 in August, below the expected 62.0 and down from July’s 61.7.
Current conditions dropped to 60.9 (est. 67.5), while expectations slipped to 57.2 (est. 58.4), signaling a weakening outlook.
Inflation expectations rose, with one-year ahead at 4.9% (est. 4.4%) and 5-10 year at 3.9% (est. 3.4%).
The decline reflects growing consumer pessimism amid rising prices and economic uncertainty.
10:25am: Retail sales show resilience
Retail sales showed steady growth in July, easing concerns about a looming recession, according to LPL Financial’s chief economist Jeffrey Roach.
Nominal retail sales rose 3.9% from a year ago, outpacing inflation, while the Control Group of sales, which feeds into GDP calculations, increased 0.5% for the month. “This report only covers the first month of the new quarter, so we have a lot more data to go,” Roach noted.
Some discretionary categories showed signs of softness. Restaurant spending fell 0.4% in July, though it remains 5.9% higher than last year. Clothing sales, likely buoyed by tariff effects, rose 7.4% YoY, marking two months above trend. Auto sales partially recovered from May’s drop but stayed below March and April levels.
Roach said investors should monitor discretionary and auto sales for consumer health, adding that recession risks remain low and the Federal Reserve may adopt a more neutral stance with potential rate cuts ahead.
9:50am: UnitedHealth soars
US markets started on a mixed note Friday, with the Dow Jones nudging higher and aiming for its first record close since December.
The Dow rose about 0.4%, adding 184 points to 45,095, while the S&P 500 slipped 0.1% to 6,463 and the Nasdaq dropped 0.3% to 21,640. The Russell 2000 gained 0.2% to 2,305.
Investors were digesting a mix of economic data and headlines. Wells Fargo noted that retail sales in July came in stronger than expected, rising 0.5%, and revisions to June’s figures suggest consumers may be on slightly firmer footing heading into the third quarter. Still, the bank cautioned that a moderating jobs market and persistent price pressures could weigh on spending later this year.
Trade tensions were also in focus. President Trump said he plans to unveil tariffs on semiconductor imports over the next couple of weeks, hinting at rates as high as 200% or even 300%.
On the corporate front, UnitedHealth (UNH) jumped 10% after Warren Buffett’s Berkshire Hathaway disclosed a purchase of 5 million shares. Intel (INTC) also climbed around 1.7% after reports the US government is considering taking a stake in the chipmaker. Meanwhile, Applied Materials (AMAT) tumbled 14% following weaker-than-expected fourth-quarter guidance, reflecting slower demand in China and renewed concerns about trade risks.
9:05am: Retail sales rise
July retail sales rose 0.5% month-over-month, below expectations of 0.6% and following a 0.6% gain in June.
Excluding autos, sales increased 0.3%, matching forecasts but down from 0.5% previously.
The control group, which feeds into GDP calculations, climbed 0.5%, beating estimates of 0.4% and matching June’s pace.
8am: Dow likely to rally as Nasdaq eases
The Dow Jones is expected to open sharply higher when trading gets underway this morning, as investors eye talks between US President Donald Trump and his Russian counterpart, Vladimir Putin.
Dow futures were 0.7% higher an hour and a half before the market opens, with those for the S&P 500 up a more muted 0.2%. Nasdaq futures fell 0.1%
The major index ended mixed on Thursday as investors digested hotter-than-expected wholesale inflation data, with the Dow slipping 11 points and the Nasdaq easing back 2 points, while the S&P 500 added two points.
Today, all eyes are on the Trump-Putin summit in Alaska, as investors hope for signs of progress on ending the Ukraine war.
European leaders worry the US and Russia could strike a deal that sidelines them or pressures Ukraine into concessions. Still, a broadly positive outcome could lift European equities and the euro. A durable peace would also ease global inflationary pressures—though likely with less impact on the US than other regions. Markets are watching closely.
Deutsche Bank's Jim Reid noted the meeting is scheduled for 3:30pm Eastern Time, so any developments may emerge after US markets close.
"In a Fox News Radio interview, Trump estimated a 25% chance of the meeting being unsuccessful but suggested it could pave the way for a second meeting involving Ukrainian President Zelensky," Reid added. "He described this potential follow-up as 'very, very important,' indicating it could be the forum for striking a deal. Our Peter Sidorov notes that while an imminent breakthrough is unlikely, the summit will still be an important signpost for US-Russia relations and the war in Ukraine."
Also on today's agenda, the US Census Bureau will release July retail sales data ahead of the market open, with analysts expecting a 0.5% rise after June’s stronger gain. They expect spending to have remained resilient as shoppers took advantage of summer discounts and moved purchases forward to avoid potential price increases from anticipated higher trade tariffs.
Meanwhile, shares of Intel Corp (NASDAQ:INTC, ETR:INL) jumped 8.5% in pre-market trading after reports the US government is considering taking a stake in the chipmaker.
Bloomberg said the move could help fund Intel’s long-delayed chip manufacturing complex in Ohio, first announced in 2022 as a $20 billion project with potential expansion to $100 billion.