US stock indices moved in different directions on Friday amid hopes of an interest rate cut by the Federal Reserve in September and as the market awaited Trump-Putin talks.
The blue-chip index briefly hit a record high as UnitedHealth jumped after Berkshire Hathaway raised its stake in the health insurer.
At 10:11 AM ET, the Dow Jones Industrial Average rose 99.11 points, or 0.22%, to 45,011.45, the S&P 500 lost 7.39 points, or 0.11%, to 6,461.15 and the Nasdaq Composite lost 30.70 points, or 0.14%, to 21,681.10.
At the opening bell, the Dow Jones Industrial Average rose 248.7 points, or 0.55%, to 45,159.91. The S&P 500 rose 8.8 points, or 0.14%, to 6,477.38, while the Nasdaq Composite dropped 1.3 points, or 0.01%, to 21,709.336.
Market participants were hoping that the Federal Reserve could resume its monetary policy easing cycle from the next month.
Investors were also closely monitoring a meeting between US President Donald Trump and Russian counterpart Vladimir Putin on the Ukraine conflict. A ceasefire in Ukraine is at the top of the agenda.
The summit will take place at Joint Base Elmendorf-Richardson, Alaska’s largest military installation.
On the economic data front, a report showed retail sales increased in July, but the University of Michigan’s consumer confidence index declined on rise in inflation expectations.
Gainers and Losers
UnitedHealth Group shares soared 11.6% after Warren Buffett’s company disclosed a new investment in the company.
Other insurance stocks Centene and Molina surged 5.2% each.
Intel shares advanced 3% after a report said the Trump administration is in talks for the US government buying a stake in the chipmaker.
Applied Materials stock shed 11.3% on the chip equipment maker’s weak fourth quarter forecasts.
Bullion
Gold prices inched up on Friday, as the US dollar eased and as market focus shifted to upcoming talks between U.S. President Donald Trump and his Russian counterpart Vladimir Putin.
By 9:01 AM EDT (1301 GMT), spot gold rose 0.2% to $3,343.83 per ounce. US gold futures edged up 0.2% at $3,390.80.
Among other metals, spot silver fell 0.4% to $37.85 per ounce. Platinum lost 1% to $1,344.14, and palladium fell 2.3% to $1,119.37.
Oil prices fell on Friday as traders awaited talks between President Trump and Putin.
By 1315 GMT, Brent crude futures were down 89 cents, or 1.3%, at $65.95 a barrel. US West Texas Intermediate crude futures were 97 cents, or 1.5%, lower at $62.99.