Shares show modest gains as investors await comments from central bank governor Jerome Powell that may shed light on the central bank’s interest rate path, as well as any updates on negotiations to raise the debt ceiling.
Shares crept higher. The S&P 500 rose 0.2% and the Dow industrials rose less than 0.1%, while the Nasdaq Composite rose 0.2%. The S&P 500 posted its highest close since August on Thursday after Speaker Kevin McCarthy said the House of Representatives could vote on a debt ceiling deal as soon as next week.
Deere shares rose after it lifted the earnings outlook on Friday. Foot Locker̵[ads1]7;s shares plunged 25% after the retailer cut its outlook for the year due to falling sales.
Treasury yields fluctuated. The yield on the 10-year note was 3.696%, compared with 3.647% late Thursday.
Raw material prices increased. Brent crude, the global benchmark, rose 1.5% to $77.01 a barrel.
Overseas stocks mostly rose. The pan-continental Stoxx Europe 600 rose almost 0.8%, while Germany’s DAX index was heading for a new record high. Japanese Nikkei 225 rose 0.8% to the highest close since August 1990.