On a volatile day, tech stocks pared steep initial losses, with the Nasdaq composite turning higher in morning trading and holding some of those gains in the afternoon. The tech-heavy index finished 0.1% higher. The Dow industrials suffered deeper losses and stayed negative on the day, finishing 0.7% lower.
Late Friday, President Trump moved to lower tariffs on beef, coffee and other agricultural and food goods, a significant rollback of his so-called reciprocal levies. Earlier, U.S. Trade Representative Jamieson Greer said America had reached a deal with Switzerland to cut hefty 39% tariffs down to 15%.
The reopened federal government will on Thursday release the first backlogged monthly jobs report, for the month of September.
Relief over the end of the government shutdown has given way to concerns about lofty tech valuations and whether the Federal Reserve will slow interest-rate cuts. Futures pricing shows a less-than 50% chance the Fed eases policy next month, down from 67% a week ago and 94% a month ago, according to CME data.
Bitcoin slipped below $95,000. The largest cryptocurrency is now down about 9% for the week, while ether, the second-largest cryptocurrency, has also fallen about 9% for the week.
Overseas stocks sold off. U.K. government bonds and the pound fell after media reports that the government plans to abandon plans to raise tax rates.
Oil futures rallied after a Ukrainian drone hit a Russian Black Sea port. Natural-gas futures inched off Thursday’s highs.
