MARKET SNAPSHOT

U.S stocks turned slightly higher at the close after a week of big swings. Treasury yields ended mixed, with traders focused on the risks of slower economic growth coupled with higher inflation. Crude oil was higher on a combination of economic concerns and risks to crude supplies. The dollar was stronger. Gold fell -- ending an eight-session winning streak.

MARKET WRAPS

EQUITIES

Stocks edged higher in the final minutes of the session after a week of big swings.

The S&P 500 rose less than 0.1%, as did the Dow Jones Industrial Average, while the Nasdaq Composite gained 0.5%.

Concerns over the impact of President Trump's trade policies continue to hang over markets. The EU has said it will adopt retaliatory tariffs against the U.S. in April. The shutdown of London's Heathrow Airport, a major international hub, snarled air travel and knocked European airline stocks. Nike and FedEx shares sold off after disappointing earnings.

Earlier Friday, Chinese shares extended losses, weighed by auto and consumer stocks. Auto stocks retreated broadly amid profit taking after rallying in recent sessions.

The benchmark Shanghai Composite Index ended 1.3% lower, the Shenzhen Composite Index put off 1.8%, and the ChiNext Price Index was down 2.2%. Hong Kong's Hang Seng Index lost 2.2% amid looming tariff risks.

Japan's Nikkei Stock Average closed 0.2% lower as losses in heavy-industry shares offset gains in bank stocks. Stronger-than-expected domestic inflation data raised expectations that the Bank of Japan would continue to raise rates gradually.

Stocks in Australia rose, as the S&P/ASX 200 gained 0.2%, the second consecutive session of increases.

New Zealand's NZX-50 index closed 0.5% higher, notching its longest run of weekly losses since 2023. Property and infrastructure stocks helped offset the weakness.

COMMODITIES

Oil futures settled higher, contributing to a gain for the week as traders weighed concerns about the global economy and energy demand against support from risks to crude supplies in the Middle East.

West Texas Intermediate crude for May delivery climbed by 0.3% to settle at $68.28 a barrel. May Brent crude, the global benchmark, tacked on 0.2% to settle at $72.16 a barrel.

"Oil is caught in a tug-of-war between geopolitical tailwinds and macroeconomic headwinds," said Steven Innes, managing partner at SPI Asset Management.

"Geopolitical risk has taken center stage again, injecting a risk premium, even if it's small, and sparking a rally in crude as some shorts get covered and others hedge for potential supply shocks," said Innes.

Front-month March gold was down 0.7% to $3018.20 -- snapping an eight session winning streak.

TODAY'S TOP HEADLINES

Heathrow Airport to Resume Flights After Power Outage Snarls Travel

London's Heathrow Airport said it would resume some flights late Friday, after being closed for much of the day due to a power outage that sealed the main gateway for U.S. travelers to Europe and upended journeys for hundreds of thousands of passengers.

The airport, one of the busiest in the world for international traffic, said it expected significant disruption for days. As of late afternoon local time, it said it was gearing up to restart flights.

"We're pleased to say we're now safely able to begin some flights later today," a Heathrow spokesperson said. The first flights would be to relocate aircraft and to bring passengers to London who had been stranded at other airports, the spokesperson said.

NY Fed's Williams Says 'Uncertainty Is High,' Sees Slower GDP Growth

New York Federal Reserve President John Williams on Friday warned that the only certainty about the future of U.S. economy right now is that it's uncertain, though he suspects lower economic growth is more likely this year.

Trade policy may play a role in that, but there are other factors he believes will be bigger drivers in weighing down momentum.

In prepared remarks at the Macroeconometric Caribbean Conference in the Bahamas on Friday, Williams said that the latest forecasts of real gross domestic product growth published in the latest Summary of Economic Projections seemed "completely plausible" to him. For reference, officials revised their initial median forecast for real GDP growth in 2025 to 1.7%, down from 2.1% in December's SEP. The majority of the estimates from policymakers was a range of growth of 1.5% to 2%.

StubHub files for IPO, as markets remain anxious

Ticket-resale platform StubHub on Friday said it had filed for an initial public offering, amid mixed signals within the live-events industry and as financial markets have been rattled by tariffs and inflation fears.

The number of shares in the offering and their price haven't been determined yet, StubHub said in a release. The company has applied to list its shares on the New York Stock Exchange and trade under the ticker "STUB."

J.P. Morgan and Goldman Sachs will serve as lead joint book-running managers for the proposed offering.

Boeing Wins Next-Generation Jet Fighter Contract

WASHINGTON-Boeing has been selected to build what may turn out to be the most expensive fighter in history, a sophisticated jet the Air Force believes is vital to deter China's military in the decades ahead.

President Trump made the announcement at the White House Friday alongside Defense Secretary Pete Hegseth.

The piloted planes are to be fielded in the 2030s and would fight alongside semiautonomous drones, as the Pentagon seeks to gain a technological edge over U.S. adversaries.

Carnival Beats Earnings Estimates and Posts Record Revenue. Why the Stock Is Falling.

The stock market is brutal right now.

Carnival beat earnings expectations in its fiscal first quarter, delivered record revenue and even hiked full-year guidance-all despite mounting fears over consumer demand.

Yet the stock still fell 3% on Friday after the earnings were released. Broader sentiment may be playing a part-the S&P 500 fell 0.8% in early trading and when tariff uncertainty has been a factor recently travel stocks have tended to come under pressure.

Expected Major Events for Monday

00:30/JPN: Mar Japan Flash Manufacturing PMI

05:00/JPN: Feb Steel Production

05:00/SIN: Feb CPI

05:00/JPN: Feb Nationwide department store sales

07:00/MAL: Mar International Reserves, middle of month

08:00/TAI: Feb Employment / Unemployment

21:00/SKA: Mar Consumer Sentiment Index

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This article is a text version of a Wall Street Journal newsletter published earlier today.

(END) Dow Jones Newswires

March 23, 2025 16:30 ET (20:30 GMT)

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