Wall Street has ended the week with a lacklustre session as investors remained cautious ahead of a holiday weekend in which a fresh round of US tariffs on Chinese imports are due to be levied. While the S&P 500 registered its biggest weekly gain since June, August had its biggest monthly decline since May.
Investors had fled risky assets in August due to escalations in the US-China trade war and the inversion of a key part of the US yield curve which is often a recessionary signal. US financial markets were due to stay closed on Monday for the Labor Day holiday and a new round of US tariffs on some Chinese goods were expected to come into effect on Sunday.
Trading volume was light as the S&P swapped between negative and positive territory in the afternoon to end the day with little progress. The US and China had given hopeful signs on trade on Thursday as they discussed the next round of in-person negotiations in September.
The Dow Jones Industrial Average rose 41.03 points, or 0.16 per cent, to 26,403.28 on Friday, the S&P 500 gained 1.88 points, or 0.06 per cent, to 2926.46 and the Nasdaq Composite dropped 10.51 points, or 0.13 per cent, to 7962.88.Morning-Market-Note-Monday-2nd-September