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U.S. stock benchmarks headed lower Friday morning, on track to halt a three-day win streak that has helped to produce strong weekly gains, as investors continued to watch developments related to the war in Ukraine.
President Joe Biden and his counterpart China’s Xi Jinping were discussing how to deter further animosities in Eastern Europe, with the U.S. president hoping to convince Beijing not to fund Russia’s Ukraine offensive.
The Dow Jones Industrial Average
DJIA,
was trading 0.5% lower, or 190 points, at 34,292, the S&P 500 index
SPX,
was trading 0.4% lower at 4,396, while the Nasdaq Composite Index
COMP,
was down 0.3% at 13,580.
For the week, the Dow was up 4.2%, the S&P 500 was headed for a 4.7% gain, while the Nasdaq Composite was looking at a 5.7% weekly climb.
This week also has featured the first interest-rate increase by the Federal Reserve since 2018, a quarter of a percentage point increase that promises further increases down the road as the central bank combats inflationary pressures that have been heightened by the war in Ukraine.
