The NASDAQ moved lower Friday, pressured by more losses in artificial intelligence stocks, and was on pace for a losing week as new economic data added to investors’ fears of a slowdown.
The Dow Jones Industrials climbed out of the red, gaining 74.8 points to 46,087.10
The S&P 500 gained 8.48 points to 6,728.86
The NASDAQ lost 49.46 points to 23,004.54
Stocks came off their lows after Senate Minority Leader Chuck Schumer, offered up a new plan to Republicans that would enable the record-breaking U.S. government shutdown to end.
The proposal would provide short-term funding for federal government operations in exchange for a one-year extension of enhanced Affordable Care Act tax credits.
Investors have been getting little on the economic data front because of the ongoing shutdown. The Bureau of Labor Statistics would have released the nonfarm payrolls report Friday. For the second month in a row, however, it is unable to do so.
Economists surveyed by Dow Jones had been expecting the report to show a decline of 60,000 jobs and an increase in the unemployment rate to 4.5%.
The Senate was expected to vote Friday on advancing a House-passed stopgap funding measure. The longest-ever federal funding lapse has posed a threat to economic activity, including causing flight disruptions due to shortages of air traffic controllers, who have been working without pay since October.
The NASDAQ is down more than 3% week to date, pacing for its worst performance in a five-day period since the week ended April 4, when the index dropped 10%. The S&P 500 and the Dow have each lost more than 1% on the week.
Leading artificial intelligence player Oracle fell 2% and was on track for a 9% decline this week. Advanced Micro Devices, down 9% on the week, and Broadcom, off by 6% this week, were lower as well. Key AI leaders lost steam on Thursday, with Nvidia, AMD, Tesla and
Prices for the 10-year Treasury fell, raising, yields back to Thursday’s 4.09%. Treasury prices and yields move in opposite directions.
Oil prices acquired 36 cents to $59.79 U.S. a barrel.
Gold prices gained $16.80 to $4,007.80. U.S. an ounce.
