US equities pared earlier losses on Friday as a pullback in oil prices eased inflation concerns. The S&P 500 and the Dow both moved into positive territory, with the Dow on track to close at a record high near 52,100. Continued tanker traffic through the Strait of Hormuz improved the outlook for Middle East oil supply, reducing fears of multiple Federal Reserve rate hikes this year.
More cyclical and traditional sectors outperformed, with Visa and Walmart each gaining more than 2%. Eli Lilly surged 7% after the European Union endorsed the use of its leukemia treatment.
In contrast, the Nasdaq 100 slipped 0.4% amid renewed uncertainty around AI-related trades. Semiconductor stocks gave back part of Thursday’s gains, which had been driven by Micron’s upbeat outlook. Micron shares fell 4%, while Sandisk, Lam Research, and Western Digital dropped as much as 10%.
Looking ahead to Monday, the Dow’s performance is expected to more closely mirror that of its tech‑heavy peers as Alphabet is set to replace Verizon in the index.
