Shares of Chinese EV maker Zeekr gain 34% in Wall Street debut

Wall Street blue-chips have managed their first three-week positive run higher in three months, while the S&P 500 made minor gains on Friday after consumer data suggested a weakening mood with renewed fears over inflation.

The S&P 500 closed 0.2 per cent higher, up 1.9 per cent this week, while the tech-heavy Nasdaq Composite ended flat for a rise of 1.1 per cent since Monday morning.

An early upbeat mood was dented after figures from the University of Michigan’s preliminary May survey showed overall sentiment at a six-month low, but at a six-month high for expected inflation, prompting some worry about the potential for stagflation.

Yields on interest-rate sensitive two-year Treasuries rose to 4.87 per cent in response, up 0.06 percentage points on the day.