US stocks recovered in midday trading from steeper early losses in what is shaping up to be the worst week of an August swoon for the major indexes.
The Dow Jones Industrial Average (^DJI) turned green, adding a modest 0.1%, while the S&P 500 (^GSPC) fell around the same amount. The tech-heavy Nasdaq Composite (^IXIC) was 0.4% lower after three consecutive days of sharp losses.
Meanwhile, the 10-year Treasury yield (^TNX) fell slightly Friday morning but remained near recent highs.
The moves come as investors consider the prospect that interest rates could remain higher for longer after Federal Reserve minutes this week showed the central bank wouldn’t rule out further hikes. The next clue on the Fed’s next move will come from Chair Jay Powell, who is set to give a speech next Friday at the annual Jackson Hole Economic Policy Symposium.
Also, investors considered continued economic woes in China, as embattled property developer Evergrande filed for bankruptcy in US court.
