The S&P 500 and Nasdaq settled slightly below breakeven on Friday, as all three major benchmarks succumbed to weekly losses as traders reacted to President Trump's latest remarks on the Fed and geopolitics. Stocks fell to session lows after Trump downplayed National Economic Council Director Kevin Hassett's chances of becoming the next Fed chair, reviving concerns over central bank independence. Chip stocks offered support, but risks weighed after Trump threatened to impose tariffs on countries that support Greenland.

GOLD PRICES LOSE MOMENTUM

Oil prices shot higher on Friday, as investors weighed potential supply chain disruptions. Front-month West Texas Intermediate (WTI) crude gained 71 cents, or 1.2%, to settle at $59.89 per barrel, and also secured a 1.4% weekly gain. 

Gold prices, however, retreated from their recent record highs as geopolitical tensions calmed down and investors took profits. February-dated gold futures dropped 0.6% to settle at $4,595.40. For the week, the yellow metal enjoyed a gain of roughly 1.9%.

More By This Author: