MARKET SNAPSHOT

U.S. stocks ended mixed, with the Dow slipping and the Nasdaq reaching a new record high. Treasury yields declined after Fed Governor Christopher Waller's call for a rate cut in July boosted demand for Treasurys. The dollar weakened. Oil futures settled lower, snapping a two-week winning streak. Gold futures finished higher.

MARKET WRAPS

EQUITIES

U.S. stocks ended mixed Friday, with the Dow Jones Industrial Average closing lower and the Nasdaq Composite edging up to yet another record high.

The Dow Jones Industrial Average fell 0.3%, while the S&P 500 was little changed. The Nasdaq Composite increased around 0.1%.

Updates from banks and consumer-focused companies in the past week have pointed to a resilient economy. But some of the latest results disappointed investors.

Meanwhile, Wall Street is looking ahead to the Aug. 1 tariff-pause expiration and related drama. President Trump backed away from threats to fire Federal Reserve Chair Jerome Powell in the past week but continues to say rates should be lower.

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.

Markets in Asia ended mixed on Friday.

China's benchmark Shanghai Composite Index ended 0.5% higher. The Shenzhen Composite Index rose 0.4, and the ChiNext Price Index gained 0.3%.

Hong Kong's Hang Seng Index rose 1.3%.

Japan's Nikkei Stock Average declined 0.2%.

In Australia, the S&P/ASX 200 rose 1.4%.

Stocks in New Zealand slipped, as the S&P/NZX 50 fell 0.2% to snap a three-session winning streak.

COMMODITIES

Oil futures pulled back from early highs and settled lower, snapping a two-week winning streak.

Prices got an early lift from the EU tightening sanctions against Russia, but fell back as traders pondered the problems of enforcement.

Reports that European buyers were looking elsewhere to secure diesel could prop up diesel prices for a while, "but sanctions, as always, will likely not affect global supplies too heavily over the long term," Alex Hodes of StoneX said.

The trend for WTI "still appears upward, but expectations are for a loosely supplied market in the latter half of this year," he added.

WTI settled down 0.3% at $67.34 a barrel and Brent slipped 0.3% to $69.28.

Gold futures finished higher, closing out a flat week for the yellow metal.

Front-month gold closed the day up 0.4% to $3,353 per troy ounce. It is the second move higher out of the past three trading sessions.

Precious metals traders appear to be more interested in alternative metals like silver and platinum to maximize returns, considering that gold has been setting new record highs since last year.

There's other factors at play influencing movement in gold today, said ADM Investor Services. Strong central bank demand continues to support gold prices, with these banks continuing to increase their gold holdings amid ongoing geopolitical uncertainty.

TODAY'S TOP HEADLINES

EU Targets Russia With Toughest Sanctions Package in Years

The European Union agreed to impose its toughest sanctions on Russia since its large-scale invasion of Ukraine, blocking attempts to revive the Nord Stream gas pipelines, lowering a price cap for Russian oil sales and hitting banks from third countries in a move that could exacerbate tensions with China.

The sanctions package comes as President Trump has started increasing pressure on the Kremlin after months of seeking a peace deal between Ukraine and Russia. The White House now appears closer to the European view that the Kremlin won't end the war. European capitals hope Washington will soon join them in tightening economic pressure on Moscow.

The sanctions aim to weigh on Russia's economy, which has withstood Western pressure for the past three years but now faces growing headwinds. In recent months, manufacturing activity is declining, consumers are tightening their belts, the state budget is strained and interest rates are at 20% to contain inflation.

Americans are less anxious about trade wars and inflation. Yet they don't have much confidence in the economy.

The numbers: Americans are less anxious about the economy and less worried about inflation after the Trump administration reduced high U.S. tariffs and trade wars simmered down, a new survey shows. But they are far from confident.

The first reading of the consumer-sentiment survey in July crept up to a five-month high of 61.8 from 60.7 in June, the University of Michigan said Friday.

Sentiment has partly recovered after plunging close to a record low at the height of the trade wars in April and May.

Housing Starts Gain but Still Lag From Last Year

Home-building recovered a little in the U.S. last month but remains down on the year. Here are the main takeaways from the Commerce Department's report released Friday:

Housing starts, a gauge of new residential construction, rose to 1.32 million in June from a revised 1.26 million in May, broadly in line with economists' expectations.

-Despite the monthly gain, starts were 0.5% lower than a year earlier.

Fed Gov. Waller Makes the Case for Cutting Interest Rates in 2 Weeks

Federal Reserve Gov. Christopher Waller on Thursday called for the central bank to cut interest rates at its July meeting, breaking ranks with Chair Jerome Powell and staking out the most forceful case yet for easing policy this summer.

"I believe it makes sense to cut the [Fed's] policy rate by 25 basis points two weeks from now," Waller began his speech to the Money Marketeers of New York University. "The risks to the economy are weighted toward cutting sooner rather than later."

The speech comes as President Donald Trump intensifies pressure on the Fed to lower borrowing costs. Trump has repeatedly attacked Powell and has floated firing and replacing him before his term ends in May 2026. Waller, a Trump appointee, is considered a top contender for the job in part because of his dovish stance on interest rates.

Chevron Closes Megadeal for Hess After Winning Exxon Arbitration

An arbitration panel cleared the way for Chevron to complete its $53 billion purchase of Hess, dismissing Exxon Mobil's claim that it had a contractual right to bid for Hess's crown-jewel assets in Guyana.

The ruling handed down Friday from the International Chamber of Commerce in Paris resolves an often tense and long-running dispute between the two largest descendants of John D. Rockefeller's Standard Oil monopoly over one of the world's most coveted oil projects. Chevron originally struck the deal for Hess in October 2023.

Exxon threw a wrench in Chevron's plans last year when it asserted a right to pre-empt its rival's bid for Hess's 30% stake in Guyana's prolific Stabroek offshore block. Chevron had argued a right-of-first-refusal on the Guyana project wouldn't apply to the corporate takeover of Hess.

3M Boosts FY Outlook After Earnings Beat

3M raised its full-year earnings outlook after beating expectations in the second quarter.

The maker of Post-it Notes and Scotch tape on Friday posted a profit of $723 million, or $1.34 a share, in the quarter ended June 30, compared with $1.15 billion, or $2.07 a share, a year earlier.

Stripping out certain one-time items, adjusted per-share earnings were $2.16, ahead of the $2.01 forecast by analysts, according to FactSet.

Expected Major Events for Monday

08:30/HK: Jun CPI

08:59/SKA: Jul Trade data - 1st 20 days of month

09:59/CHN: Jun FDI Foreign Direct Investment

09:59/CHN: People's Bank of China loan prime rate (LPR) announcement

21:00/SKA: Jun PPI

22:45/NZ: Jun Overseas Merchandise Trade

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(END) Dow Jones Newswires

July 20, 2025 16:30 ET (20:30 GMT)

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