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US stocks sank on Friday, retreating from record highs as inflation worries preyed on markets busy gauging the success of the Trump-Xi summit in China.
The tech-heavy Nasdaq Composite (^IXIC) tumbled 1.2%, while the S&P 500 (^GSPC) fell 0.9% aftersurging to all-time closing highson Thursday.
The Dow Jones Industrial Average (^DJI) lost 0.9%, or more than 450 points, and dropped back below 50,000 as stocks came under pressure.
Stocks pulled back after President Trumpconcludedhis visit with Chinese counterpart Xi Jinping in Beijing before flying back to Washington.
The two-day summit strucka business-friendly tone, involving 16 top US executives and deliveringnewdealsfor the likes of Boeing (BA) and Nvidia (NVDA).
However, the diplomatic issues of Taiwan and Iran continued to lurk in the background.
US officials hoped that China could help end the war with Iran by using its influence with its major oil supplier.
Trump said China and the US “feel very similar about Iran,” but Xi struck amore measured tone.
The lack of progress toward peace has stoked concern about the conflict’sprice pressures, shown in this week’s US inflation readings.
Oil futures rose over 2%, with Brent (BZ=F) trading around $108 a barrel.
In turn, benchmark 10-year Treasury yields (^TNX) continued its climb above 4.5%, and the 30-year yield (^TYX) topped 5% amid aglobal bond rout.
On the corporate front, shares of Figma (FIG)jumpedas investors cheered a late Thursday earnings report that signaled strong demand amid the AI boom.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | ▲ +0.34% |
| WTI Crude | $96.90/bbl | ▲ +0.21% |
| EN590 Diesel | $846/MT | ▲ +0.18% |
| Jet Fuel A-1 | $1090/MT | ▲ +0.55% |
| Mazut M100 | $450/MT | ▼ -0.15% |
| Bitumen 60/70 | $470/MT | ▲ +0.08% |
| Sulphur Gran 99.5% | $470/MT | ▼ -0.44% |
| Urea 46% Gran | $650/MT | ▲ +1.12% |
| NPK 16-16-16 | $460/MT | ▼ -0.28% |
| Nat Gas TTF | $15.42/MMBtu | ▲ +0.92% |
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