The Dow ends its 8-day losing streak

Suhail Mohamed Al Mazrouei opec oil

AP/Ronald Zak

The Dow Jones industrial average ended its eight-day losing streak Friday, lifted by energy stocks amid a crude rally. The dollar fell, and Treasury yields inched higher. 

Here is the scoreboard:

Dow Jones industrial average: 24,580.61 +118.91 (+0.49%)

S&P 500: 2,760.56 +10.80 (+0.39%)

1. OPEC reached a deal to ease supply cuts. The cartel said it will gradually increase output by a nominal one million barrels per day, which analysts estimate will translate to about 600,000 additional barrels per day hitting the market. Crude rallied more than 5% following the news.

2. The EU began enforcing retaliatory tariffs on $3.4 billion worth of US goods. The tariffs, which come after President Donald Trump hit the EU with levies on steel and aluminum imports to the US, target politically-sensitive American goods like bourbon and motorcycles.

3. Trump threatened to slap a hefty tariff on EU car imports to the US. Trump wrote in a tweet that if the European Union doesn't "remove" tariffs on the US, his administration could impose a 20% levy on "all of their vehicles coming into the US."

4. Signs of weakness are emerging in the Canadian economy. The country's consumer price index flatlined at 2.2% in May, Statistics Canada said ahead of the central bank's July 11 policy meeting. In separate data, retail sales dropped 1.2% last month.

5. A private survey showed eurozone business activity picking up in the second quarter. IHS Markit said its purchasing managers' index, which is widely used to measure economic growth, rose 0.7% in June. 

6. Bitcoin approached its lowest level of the year. It shed more than 7% to $6,221 amid broader pressure on the cryptocurrency market. Ethereum and bitcoin cash both sank about 10% each. 

And a look at the upcoming economic calendar:

• OPEC+ continues meetings in Vienna to discuss supply cuts.

• Turkey holds its presidential election.

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