Wall Street is ending the week with stock index futures pointing higher and major benchmarks on track for another positive week. The Nasdaq Composite is up about 0.3% for the week and is positioned for a seventh gain in eight weeks. The S&P 500 is holding a roughly 0.5% weekly advance and is set to extend an eight-week winning streak, its longest since late 2023. The Dow is up about 1.5% for the week and is headed for a third green week in four. Midweek volatility came from long-term Treasury yields and oil prices. The 30-year yield briefly exceeded 5.19% before easing, while Brent and WTI rose about 2% amid expectations around a U.S.-Iran resolution. Kevin Warsh is expected to be sworn in as Federal Reserve Chair, ending the Jerome Powell era.
"Wall Street is closing out the week on solid footing, with futures pointing higher Friday morning and the major indexes on track for another positive week despite a turbulent stretch in between. The Nasdaq Composite has been the quiet standout, up 0.3% this week and on pace for its seventh gain in the past eight weeks. The S&P 500 is threading the needle as well, holding a 0.5% weekly advance that would extend its streak to eight straight positive weeks, the longest run since late 2023. The Dow isn't far behind, climbing 1.5% this week and headed for its third green week in four."
"It wasn't all smooth sailing. Long-term Treasury yields rattled nerves mid-week, with the 30-year briefly piercing 5.19%, its highest mark since before the financial crisis, before pulling back to 5.09% Thursday. Oil added another layer of uncertainty, with Brent and WTI both up around 2% Friday as traders continue to weigh the odds of a U.S.-Iran resolution."
""Our view on Iran is the same as before: a deal is much more likely than not, but this is already priced in, and the conflict will have stagflationary effects for at least the next few quarters," said Adam Crisafulli, founder of Vital Knowledge, cited by CNBC."
"President Trump is expected to swear in Kevin Warsh as Federal Reserve Chair Friday, officially closing the book on the Jerome Powell era. Here's a look at where things stand as of pre-morning trading: Dow Jones Industrial Average: 50,771 Up 0.79% Nasdaq Composite: 29,564 Up 0.39% S&P 500: 7,499 Up 0.45%"
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