By Chelsey Dulaney and David Uberti

Stocks wavered Friday, with the S&P 500 and Nasdaq Composite flirting with new record highs, while investors parsed a strong round of corporate earnings.

Updates from banks and consumer-focused companies this week have pointed to a resilient economy. But some of the latest results appeared to disappoint investors.

Netflix, which lifted its annual forecasts late Thursday, slipped in midday trading, as did American Express and 3M, which both reported premarket. Results from the Magnificent Seven tech giants will kick off next week.

Meanwhile, Wall Street awaits any trade announcements from President Trump ahead of the Aug. 1 tariff-pause expiration, plus any moves regarding Federal Reserve Chair Jerome Powell. Trump backed away from threats to fire Powell this week, but his advisers have seized on a building-renovation project plagued by cost overruns as a new way to undermine the Fed chair.

On Friday, Fed governor Christopher Waller said he would accept the top job at the central bank, if offered. Powell's term as chair ends next year. Waller has pushed for an interest-rate cut this month, a move that aligns with Trump's demands for looser policy. Investors see only a marginal chance of an imminent cut, however.

New survey data from the University of Michigan showed consumer sentiment continued to recover this month, reaching a five-month high, though the mood remains considerably worse than it was at the end of last year.

In recent trading:

--Treasury yields inched lower. Ten-year yields slipped to 4.42%.

--The WSJ Dollar Index weakened. The euro strengthened against the greenback. European stocks pared gains.

--Bitcoin prices declined to around $118,000. Trump is expected to sign the Genius Act Friday, after the House of Representatives passed three crypto bills.

--Global oil prices slipped after the European Union agreed to impose fresh sanctions on Russia. Brent crude futures traded below $70 a barrel.

--Chevron shares fell after arbitrators cleared the completion of the company's $53 billion purchase of Hess. Exxon, which was challenging the deal, declined further.

This item is part of a Wall Street Journal live coverage event. The full stream can be found by searching P/WSJL (WSJ Live Coverage).

(END) Dow Jones Newswires

July 18, 2025 12:48 ET (16:48 GMT)

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