LIVE MARKETS-Wall Street mixed, Dow hits record intraday high

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WALL STREET MIXED, DOW HITS RECORD INTRADAY HIGH

Wall Street shares are trading mixed, on Friday, with the Dow .DJI hitting a record intraday high for the first time this year, bolstered by expectations that the Federal Reserve is finally set to resume cutting interest rates at next month's policy meeting.

The S&P 500 .SPX and the Nasdaq IXIC, on the other hand, are pulling back from record closing highs this week.

Friday's U.S. economic numbers, meanwhile, were higher than expected including retail sales, which posted solid gains in July, boosted by strong demand for motor vehicles as well as promotions by Amazon and Walmart. Retail sales rose 0.5% last month after an upwardly revised 0.9% gain in June.

At the same time, U.S. import prices rebounded in July, boosted by higher costs for consumer goods, the latest indication that inflation was poised to pick up because of tariffs.

But those reports did not dent expectations for a rate cut next month, with the odds at 94%.

The Dow is also bolstered by gains in UnitedHealth's shares after Berkshire Hathaway raised its stake in the health insurer.

UnitedHealth Group UNH.N jumped after Warren Buffett's company BRKa.N revealed a new investment in the health insurer, while a securities filing showed Michael Burry's Scion Asset Management included bullish positions on the company.

Also, Intel INTC.O is in focus, up on the day, on the heels of a 20% gain this week after a report said the Trump administration was in talks with the struggling chipmaker for the U.S. government to potentially take a stake in the company.

Dave Rosenberg, founder of Rosenberg Research, refers to this latest Intel news as the government's new industrial strategy.

"Buy a stake in Intel, after the S&P 500 just eked out its 18th record daily close of the year. Revenue sharing in select export industries one day, partnering with companies the next," Rosenberg says.

"This is not your father's Republican Party."

Investors are now looking at upcoming talks between U.S. President Donald Trump and Russian President Vladimir Putin.

Trump and Putin will hold talks focused on the U.S. president's push to seal a ceasefire deal in Ukraine, but with a last-gasp offer from Putin of a possible face-saving nuclear accord on the table too.

Here's an early snapshot of financial markets:

(Gertrude Chavez-Dreyfuss)

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