Wall Street opened with gains on Friday as new indications the Federal Reserve will cut interest rates and strong Microsoft earnings overshadow ongoing concerns over the fate of U.S.-China trade talks.

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In a speech on Thursday, Federal Reserve President John Williams urged the central bank to “act quickly” amid a slowdown in U.S. economic growth.

The comments, which investors interpreted as a nod to the expected rate reductions at the end of July, took markets into positive territory after declines for much of the day.