Wall Street traded slightly lower by midday Friday, as investors adopted a wait-and-see stance ahead of a potential trade breakthrough, with high-stakes negotiations between U.S. officials—led by Treasury Secretary Scott Bessent—and Chinese authorities set to unfold over the weekend.
Big money did not participate in the bear market rally this time around, reiterating the belief that downside isn't over yet, though not everything is doomed.
Utility stocks hit new highs amid trade policy uncertainty, with Utilities Select Sector SPDR Fund up 6.3% YTD. Constellation Energy Corp. jumps 11.87%.
U.S. stocks advanced across the board by midday Friday, with the S&P 500 eyeing its ninth consecutive day of gains—poised for the longest winning streak since May 2024.
