U.S. stock benchmarks traded higher Friday morning, though the Nasdaq Composite wobbled at the open, as reports indicated that Russia was in favor of talks with Ukrainian leadership.
However, Russian troops were pressing toward the capital of Ukraine, with reports indicating that Kyiv was under fire.
How are stock-index futures trading
The Dow Jones Industrial Average
gained 171 points, or 0.5%, at 33,397.
The S&P 500
traded 16 points, or 0.4%, higher at about 4,305.
The Nasdaq Composite Index
lost 34 points, or 0.3%, to 13,435, after in up-and-down trade.
For the week, the Dow was on track for a 2% decline, the S&P 500 was looking at a 1% weekly skid, while the Nasdaq Composite was on track for a 0.9% decline.
On Thursday, the Dow snapped a five-session losing streak, closing up 92.07 points, or 0.3%, at 33,223.83, after falling as far as 2.6% in morning trading. The S&P 500 climbed 63.2 points, or 1.5%, finishing at 4,288.70, but in correction territory, while the Nasdaq Composite rose 436.1 points, or 3.3%, ending at 13,473.59, but bouncing off a session low at 12,587.88.
What’s driving the market
Stocks were gaining altitude on the back of news reports, citing a summary of a call between Russian President Vladimir Putin and Chinese leader Xi Jinping provided by China’s Foreign Ministry, which said Russia was ready to conduct negotiations with Ukraine.
The reports come as Russian forces were closing in on Ukrainian capital Kyiv, which had been under fire earlier Friday.
On Thursday, President Joe Biden announced a new wave of sanctions against Russia, in an attempt to isolate Moscow from the global economy. The White House also authorized more U.S. troops to be stationed in Germany. But the U.S. and its allies spared Russia’s oil exports and avoided blocking access to the Swift global payment network.
Investors might be hoping that the Ukrainian crisis could slow moves by central banks to raise interest rates to combat inflation Ipek Ozkardeskaya of Swissquote Bank SA, wrote in a note. But “the only certainty is uncertainty, and this is how it will be for the next couple of sessions unfortunately,” he said.
Crude prices came off Thursday’s highs after rising above $100 a barrel during intraday trading for the first time since 2014.
In U.S. economic data on Friday, the Federal Reserve’s favorite inflation calculator rose by 0.6% in January and showed the biggest yearly increase since 1982, underscoring why the central bank is poised to raise interest rates for the first time in four years.
Looking ahead, investors are watching for the University of Michigan consumer sentiment indicator for February at 10 a.m. Eastern Time.
Which companies are in focus?
Shares of Tesla Inc.
rallied Friday, to extend the previous session’s more-than $100 bounce, after Daiwa Capital analyst Jairam Nathan said it’s finally time to start buying again, as supply chain concerns and rising oil prices weigh on legacy auto makers.
Johnson & Johnson and three major distributors completed nationwide settlements over their role in the opioid addiction crisis Friday
How are other assets faring?
The 10-year benchmark Treasury note yield BX:TMUBMUSD10Y stood at 1.98%, up from 1.969% at 3 p.m. Eastern Time rate on Thursday.
The U.S. dollar was down 0.4%, as gauged by the ICE U.S. Dollar Index DXY.
Oil prices traded lower, with benchmark U.S. crude CLJ22 flat to slightly higher at $92.82 a barrel, retreating from $100.
Gold GC00 traded down 1.8% to $1,892.80 an ounce, giving up all of its gains from Thursday and then some and pointing to weekly losses, down