Wall Street opens virtually flat following record-setting rally

Energy Index makes a deep correction after this week's jump.
Main indexes remain on track to post weekly gains.

Eren Sengezer FXStreet

Major equity indexes in the United States started the last day of the week virtually unchanged and edged lower as investors seem to be looking to book their profits following this week's impressive rally that saw Wall Street's main indexes reach fresh all-time highs on Thursday.

As of writing, the Dow Jones Industrial Average and the S&P 500 were both down 0.05% on the day while the Nasdaq Composite was flat at 8,200 points. Reports suggesting that the United States (US) and China will roll back tariffs as part of the phase-one of the trade deal provided the fuel to the upsurge. On a weekly basis, these three indexes are up 1.2%, 0.6%, and 0.55%, respectively.

Among the 11-major S&P 500 sectors, the Energy Index, which posted decisive gains throughout the week, is losing 1.3% on Friday. On the other hand, the Communication Services Index is up 0.4% to lead the winners.

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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