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Key Takeaways

  • Major U.S. indexes rose at midday Friday as a report on consumer sentiment showed inflation expectations fell to their lowest level since the end of 2020.
  • Etsy shares gained as the Biden administration moved to limit tariff exemptions that often benefit Chinese e-commerce companies.
  • Adobe's weaker-than-expected outlook sent shares lower.

Major U.S. indexes rose at midday Friday as a report on consumer sentiment showed inflation expectations fell to their lowest level since the end of 2020. The Dow, S&P 500, and Nasdaq all gained.

Etsy ( ETSY ) shares climbed as the Biden administration took steps to limit tariff exemptions that often benefit Chinese e-commerce companies. The news sent U.S.-listed shares of Alibaba Group ( BABA ) and Temu parent PDD ( PDD ) lower.

Shares of Uber Technologies ( UBER ) advanced after the ride-share provider said it would expand its partnership with Alphabet-owned ( GOOGL ) autonomous vehicle technology firm Waymo to offer driverless car rides in Austin, Texas and Atlanta, Georgia. Alphabet shares were higher as well.

Adobe ( ADBE ) shares slumped after the software maker gave weaker-than-expected guidance for the fiscal fourth quarter, despite reporting strong-than-expected results for the third quarter.

Shares of Moderna ( MRNA ) dropped as JPMorgan downgraded the stock following the vaccine maker’s announcement that it was slashing its research and development budget .

Oil and gold futures rose. The yield on the 10-year Treasury note declined. The U.S. dollar lost ground to the euro, pound, and yen. Prices for most major cryptocurrencies climbed.

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