Stocks open slightly higher, still headed for a weekly loss

Associated Press | Friday, August 20, 2021 10:38 a.m.

A currency trader watches monitors in front of screens showing Korea Composite Stock Price Index (KOSPI), left, and the foreign exchange rate between U.S. dollar and South Korean won at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Friday. Asian stock markets were mostly lower Friday as worries surrounding the spread of the delta variant again took center stage.

Stocks were slightly higher in morning trading Friday, but the gains were not enough to erase the market’s losses from earlier in the week.

The S&P 500 index was up 0.6% as of 10:10 a.m. Eastern. The Dow Jones Industrial Average was 0.6% higher as well while the Nasdaq composite was up 0.8%. All three indexes are down roughly 1% for the week.

Investors have paused this week as coronavirus infections have escalated across the U.S. and around the globe and a late-summer lull has kept many traders on the sidelines. Earnings season is also winding down, with mostly retailers reporting their results.

Ross Stores fell 5% after issuing a full-year forecast that fell short of Wall Street’s expectations, while Foot Locker jumped 11% after blowing past analysts’ forecasts for its latest quarter.

The other potential issue keeping stocks held back is inflation. Earlier this week, minutes from the most recent Federal Reserve meeting showed that officials had discussed reducing the Fed’s bond-buying program later this year to start winding down some of the emergency measures that were implemented during the pandemic. But they stopped short of setting a firm timeline.

The Fed’s annual conference in Jackson Hole, Wyoming next week could offer hints on when such tapering may begin.

Bond trading was quiet. The yield on the 10-year Treasury note held at 1.24%, little changed from the day before.