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.

EUR/USD remains offered below 1.1800, looks at US data

EUR/USD is still trading on the defensive in the latter part of Thursday’s session, while the US Dollar maintains its bid bias as investors now gear up for Friday’s key release of the PCE data, advanced Q4 GDP prints and flash PMIs.

GBP/USD bounces off monthly lows near 1.3430

GBP/USD is sliding in tandem with its risk-sensitive peers, drifting back towards the 1.3430 area, its lowest levels in the month. The move reflects a firmer Greenback, supported by another round of solid US data and a somewhat divided FOMC Minutes.

Gold drifts higher to near $5,000 on heightened US-Iran tensions

Gold price holds positive ground near $5,000 during the early Asian session on Friday. The precious metal edges higher as escalating tensions between the United States and Iran boost safe-haven demand. Traders brace for the preliminary reading of US Gross Domestic Product for the fourth quarter, the Personal Consumption Expenditures and the S&P Global Purchasing Managers Index data, which are due later on Friday.

XRP edges lower as SG-FORGE integrates EUR stablecoin on XRP Ledger

Ripple’s (XRP) outlook remains weak, as headwinds spark declines toward the $1.40 psychological support at the time of writing on Thursday.

Hawkish Fed minutes and a market finding its footing

It was green across the board for US Stock market indexes at the close on Wednesday, with most S&P 500 names ending higher, adding 38 points (0.6%) to 6,881 overall. At the GICS sector level, energy led gains, followed by technology and consumer discretionary, while utilities and real estate posted the largest losses.

Injective token surges over 13% following the approval of the mainnet upgrade proposal

Injective price rallies over 13% on Thursday after the network confirmed the approval of its IIP-619 proposal. The green light for the mainnet upgrade has boosted traders’ sentiment, as the upgrade aims to scale Injective’s real-time Ethereum Virtual Machine architecture and enhance its capabilities to support next-generation payments.