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Key Takeaways
- Major U.S. indexes rose at midday Friday as a report on consumer sentiment showed inflation expectations fell to their lowest level since the end of 2020.
- Etsy shares gained as the Biden administration moved to limit tariff exemptions that often benefit Chinese e-commerce companies.
- Adobe's weaker-than-expected outlook sent shares lower.
Major U.S. indexes rose at midday Friday as a report on consumer sentiment showed inflation expectations fell to their lowest level since the end of 2020. The Dow, S&P 500, and Nasdaq all gained.
Etsy (ETSY) shares climbed as the Biden administration took steps to limit tariff exemptions that often benefit Chinese e-commerce companies. The news sent U.S.-listed shares of Alibaba Group (BABA) and Temu parent PDD (PDD) lower.
Shares of Uber Technologies (UBER) advanced after the ride-share provider said it would expand its partnership with Alphabet-owned (GOOGL) autonomous vehicle technology firm Waymo to offer driverless car rides in Austin, Texas and Atlanta, Georgia. Alphabet shares were higher as well.
Adobe (ADBE) shares slumped after the software maker gave weaker-than-expected guidance for the fiscal fourth quarter, despite reporting strong-than-expected results for the third quarter.
Shares of Moderna (MRNA) dropped as JPMorgan downgraded the stock following the vaccine maker’s announcement that it was slashing its research and development budget.
Oil and gold futures rose. The yield on the 10-year Treasury note declined. The U.S. dollar lost ground to the euro, pound, and yen. Prices for most major cryptocurrencies climbed.
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