US stocks trade mixed as Fed fears and war in Ukraine push indexes toward a losing week
- US stocks were mixed at the open on Friday as investors digest signals from the Federal Reserve.
- The S&P 500 is on pace for a losing week, and its worst weekly performance in a month.
US stocks edged higher and a sell-off in the bond market continued as investors monitor the Ukraine war and prepare for the Federal Reserve to tighten monetary policy.
The S&P 500 is on track for a negative week, and its worst weekly performance overall in a month.
Markets are bracing for hawkish pressure from the Fed. St. Louis Fed President James Bullard said Thursday the Fed needs to raise interest rates by another 3 percentage points this year.
Here's where US indexes stood as the market opened 9:30 a.m. on Friday:
- S&P 500: 4,495.14, down 0.11%
- Dow Jones Industrial Average: 34,613.47, up 0.09% (29.9 points)
- Nasdaq Composite: 13,829.12, down 0.5%
Robinhood has rolled out crypto wallets to its 2 million customers on the waiting list, which will allow customers to send and receive cryptocurrencies, and also buy NFTs.
Goldman Sachs downgraded the trading app to "sell" this week due to waning engagement from retail investors compared to the early days in the pandemic when the trading platform was at the center of the retail-trading boom.
Meanwhile, the Institute of International Finance said Russia is set to default on its dollar debts by paying bondholders in rubles. While the ruble has recovered to pre-invasion levels, analysts still say the country's economy remains in a dire state.
Oil edged higher.West Texas Intermediate was up 0.58% to $96.63 a barrel. Brent crude, the international benchmark, rose 0.26% to $100.84 a barrel.
Gold slipped 0.03% to 1,937.30 per ounce. The 10-year Treasury yield rose to 2.717%.
Bitcoin rose 1.05% to $42,980.47.