The S&P 500 and Nasdaq Composite opened higher on Friday’s trading session, with both indices gaining 0.1% each, while the Dow Jones Industrial Average was marginally lower. This positive start to the day reflects investor optimism in the market, as tech-heavy Nasdaq and the broader market index showed early signs of growth. Market participants are closely monitoring these movements to gauge the overall sentiment and direction of the trading session.
Meanwhile, U.S. crude oil traded near a two-month high on Friday due to increasing fears of war between Israel and the Iran-backed militia Hezbollah. This geopolitical tension has raised concerns about potential disruptions in crude supplies, pushing West Texas Intermediate to its highest level since April. The escalating conflict between Israel and Hezbollah has heightened geopolitical risks, with the Pentagon taking precautionary measures by moving military assets closer to Lebanon to prepare for potential evacuations.
Additionally, multiple Wall Street firms downgraded Nike’s stock after the athletic retailer posted fourth-quarter revenue below analyst forecasts and reduced its full-year guidance. Shares of Nike plummeted 15% in early trading as a result of these developments. The downgrades, including those from Morgan Stanley, UBS, Stifel, JPMorgan, and Raymond James, cited challenges in driving a global demand turnaround as the reason for their revised ratings. This news has contributed to the overall market sentiment and is a key focal point for investors in today’s trading session.