Wall Street opened at record highs Friday, despite chipmakers and other producers warning that the White House’s trade war with China could cut into their margins.
The S&P 500 rose 5 points, or 0.19%, to 2,938.11 as of 10:08 AM ET (14:08 GMT), while the Dow increased 45 points, or 0.17%, to 26,702.90 and the tech-heavy Nasdaq Composite was up 13 points, or 0.17%, to 8,042.10.
Semiconductor maker Micron (NASDAQ:MU) warned on Thursday that the company's gross margins will suffer due to tariffs between the U.S. and China. Meanwhile, retailer Walmart (NYSE:WMT) warned that it may have to increase prices due to the tariffs. Micron fell 2.87%, while Walmart inched up 0.25%.
Trade tensions escalated this week, as China said it would impose new tariffs on U.S. goods worth $60 billion, effective Sept. 24, while the U.S. imposed a 10% tariff on $200 billion in Chinese goods, which will go up to 25% at the end of the year.
Meanwhile, Advanced Micro Devices (NASDAQ:AMD) rose 1.11%, while AT&T (NYSE:T) gained 1.73% and Netflix (NASDAQ:NFLX) increased 1.17%.
Medical marijuana company Tilray (NASDAQ:TLRY) slumped 28.69%, while Facebook (NASDAQ:FB) inched down 0.09% and Tesla (NASDAQ:TSLA) fell 0.23% after reports that the luxury carmaker is losing another executive.
In Europe stocks were up. Germany’s DAX rose 67 points, or 0.55%,while in France the CAC 40 increased 40 points, or 0.75%, and in London the FTSE 100 was up 118 points, or 1.61%. Meanwhile the pan-European EURO STOXX 50 gained 19 points, or 0.58%, while Spain’s IBEX 35 fell 12 points, or 0.13%.
In commodities, Gold futures inched down 0.75% to $1,202.20 a troy ounce, while crude oil futures jumped 1.21% to $71.17 a barrel. The U.S. dollar index, which measures the greenback against a basket of six major currencies, rallied 0.37% to 93.82.
