Stocks are pointing lower. Global growth worries return. Here’s what’s happening in markets today

CNN Wire

The Dow is set to open lower on Friday, ending the week on a muted note. Investors are once again worried about the future of global economic growth and geopolitical developments.

Dow futures fare own 0.2%, and futures for the S&P 500 and Nasdaq Composite are 0.3% and 0.6% lower, respectively.

For the week, the Dow is looking at a modest 0.5% gain, compared to its 4.7% jump in the prior week. The S&P and the Nasdaq are on track for a 0.6% and 1.2% gain for the week, according to Refinitiv.

Worries about global economic growth have cropped up in investors’ minds again after China reported weaker-than-expected industrial production numbers for May earlier on Friday. Industrial production grew at 5%, compared with the 5.5% consensus.

Stocks in China closed lower, with the Shanghai Composite finishing the week down 1%.

Against that backdrop, uncertainties about trade also continue. Hopes are high that the United States and China will make progress in trade negotiations at the G20 summit in Japan at the end of the month.

Meanwhile in the United States, retail sales grew at 0.5% in May, undercutting the forecast of 0.6%. That won’t help investors’ worries about growth.

Geopolitical risks are adding to those concerns. The United States blamed Iran for this week’s attack on two tankers in the Gulf of Oman. The attack sent oil prices higher Thursday, although US oil futures are down 0.1% at $52.23 a barrel Friday.

As fear increases, gold prices are rising. Gold is up 1% today at $1,351.70 an ounce, its highest level since April 2018, according to Refinitiv.

IPO bonanza

On the IPO front, things are looking brighter. Pet delivery business Chewy priced its IPO late Thursday at $22 per share, raising $1 billion. The company will start trading under the ticker “CHWY” Friday.

It is the third IPO of the week. Cybersecurity business CrowdStrike and freelancer online platform Fiverr debuted on Wednesday and Thursday, respectively. Crowdstrike soared more than 70% on its first day, while Fiverr climbed 90%.

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