The relatively calm trading offers a respite following historic swings that have come as hopes rise and fall that President Donald Trump may back down on his tariffs, which investors expect would otherwise cause a recession. The S&P 500 has roughly halved its drop that had taken it nearly 20% below its record set earlier this year.

Wall Street advanced on Friday, notching weekly gains as investors parsed a spate of earnings and looked for signs of easing tensions in the U.S.-China trade dispute.