NEW YORK (AP) — U.S. stocks were mixed in early trading Friday, with the S&P 500 down 0.1% as of 10:30 a.m. Eastern time, as oil prices continued to decline and Wall Street awaited the highly anticipated stock market debut of SpaceX later in the day. The Dow Jones Industrial Average was flat, while the Nasdaq composite edged up 0.2%.
Oil prices fell for a third consecutive session, with West Texas Intermediate crude dropping 1.5% to $72.30 per barrel, amid concerns about global demand and a stronger U.S. dollar. The decline in energy costs weighed on shares of Exxon Mobil and Chevron, which each fell about 1%.
SpaceX, the private space exploration company founded by Elon Musk, was set to begin trading on the Nasdaq under the ticker 'SPCE' after a highly anticipated initial public offering priced at $85 per share, valuing the company at approximately $150 billion. The IPO is one of the largest in history and has drawn significant investor interest due to SpaceX's dominance in satellite launches and its Starlink internet service.
In other markets, bond yields were little changed, with the 10-year Treasury note yielding 4.25%. The U.S. dollar edged higher against a basket of major currencies, while gold prices slipped 0.3% to $2,340 per ounce.
Investors are also looking ahead to next week's Federal Reserve policy meeting, where the central bank is expected to hold interest rates steady but may signal future cuts later this year. The CME FedWatch tool shows a 65% probability of a rate cut in September.
