US stocks open flat as S&P 500, Nasdaq look set to end volatile week lower

• Chip stocks rallied on reports that Nvidia CEO Jensen Huang plans to visit China and Chinese regulators gave in-principle approval for major tech firms to prepare for potential H200 AI chip purchases, though Intel fell 7% on weak guidance
• President Trump backed away from Feb. 1 tariff threats on eight European nations after citing a 'framework' deal on Greenland, though Greenland's Prime Minister said he was unaware of details
• Goldman Sachs declined 2%, weighing on the Dow, while traders await upcoming manufacturing, services, and consumer sentiment data ahead of the Fed meeting

Market Summary: US Stocks Mixed as Volatile Week Nears Close

Market Performance:

US equities opened mixed Friday, with the S&P 500 and Nasdaq Composite near flat, while the Dow Jones fell 247 points (-0.5%). Both the S&P 500 and Nasdaq are poised for their first consecutive weekly declines since June, following a volatile trading period.

Key Movers:

Semiconductor stocks showed strength on China-related optimism. Nvidia surged 3%, and AMD rose 2% following reports that CEO Jensen Huang plans to visit China and that Chinese regulators gave in-principle approval to major tech companies—including Alibaba, Tencent, and ByteDance—to proceed with potential H200 AI chip purchases. However, Intel plummeted 8% after warning of manufacturing challenges and weak conditions ahead, becoming one of the session's largest drags.

Goldman Sachs fell 2%, contributing to the Dow's decline.

Geopolitical Developments:

Markets rebounded Wednesday after President Trump reversed plans to impose tariffs on eight European nations scheduled for February 1. He cited a "framework" agreement with NATO regarding Greenland, though Greenland's Prime Minister stated he was unaware of the details and emphasized the need for sovereignty respect.

Outlook:

With geopolitical tensions temporarily eased, investor focus shifts to upcoming Federal Reserve policy decisions and economic data on manufacturing, services, and consumer sentiment. Corporate earnings season continues to drive individual stock movements, while broader market uncertainty persists despite the week's relief rally.

The session reflects cautious consolidation as traders assess the sustainability of recent gains amid ongoing policy and economic uncertainties.