UN Secretary-General Antonio Guterres on Friday called for multilateral cooperation to speed up development.
He made the appeal at a special event to mark the 80th anniversary of the Economic and Social Council (ECOSOC), one of the six principal organs of the United Nations.
Eighty years ago today, ECOSOC met for the first time. Along the way, the council has stayed true to its founding principles: fostering inclusive dialogue, forging commitments, promoting coordinated action, and mobilizing financing, said Guterres.
Despite signs of real progress, he added, the world is in a precarious state. Conflicts rage, as military spending goes through the roof. Inequalities grow, while development funding is in free fall. Temperatures climb, yet responses are scaled up too slowly. Technology barrels ahead, threatening to leave humanity behind. Rights are violated, yet impunity reigns, he said.
These intertwined crises cannot be solved with unilateral approaches or raw power. They demand urgent, collective responses. And ECOSOC can help lead the way, he said.
"So let us renew our commitment to safeguarding rights and speeding up development through multilateral cooperation. ECOSOC is an indispensable platform for global dialogue and action. Together, we can bridge the development divides, we can harness innovation for inclusion, and [not] inequality, and we can build a world anchored in peace, justice and shared prosperity," said Guterres.
But he cautioned that the council's continued success requires something more, especially in an era when multilateralism is under strain and trust is in short supply.
He asked to give developing countries more meaningful participation in global financial institutions, triple the lending capacity of multilateral development banks, lift crushing debt burdens, and help developing countries move up global supply chains.
UN chief calls for multilateral cooperation to speed up development
U.S. equities delivered a mixed performance on Friday, as a significant sell-off in a major chipmaker tempered broader gains driven by a resilient technology sector and stabilizing geopolitical sentiment.
The Dow Jones Industrial Average fell 0.58 percent to 49,098.71. The S and P 500 added 0.03 percent to 6,915.61, while the Nasdaq Composite Index rose 0.28 percent to 23,501.24.
Sector performance was largely positive, with seven of the 11 primary S and P 500 sectors finishing in the green. Materials and consumer discretionary led the gainers, advancing 0.86 percent and 0.73 percent, respectively. However, the financial and industrial sectors faced headwinds, declining 1.38 percent and 0.80 percent.
The technology sector saw a sharp divergence in performance. Industry leaders such as Advanced Micro Devices and Nvidia supported the Nasdaq's rise, gaining more than 2 percent and 1 percent, respectively, alongside a boost for Microsoft.
In contrast, Intel shares plummeted 17.03 percent, marking their worst session since August 2024, after the company issued a weak first-quarter outlook. Intel CEO Lip-Bu Tan informed analysts that the firm is struggling to meet product demand and that production efficiency remains below targets, describing the turnaround as a "multiyear journey."
Meanwhile, Goldman Sachs warned that the massive Arctic storm approaching the United States could severely disrupt natural gas supplies. This potential supply shock comes at a time when domestic heating demand is projected to surge.
In the bond market, the yield on the 10-year U.S. Treasury note continued its slight downward trend, slipping below 4.24 percent. Market participants are now bracing for a pivotal week ahead, featuring a high concentration of corporate earnings reports alongside the Federal Reserve's interest rate decision.
Political attention is also focused on the central bank's leadership, as U.S. President Donald Trump announced Thursday that he has concluded interviews for the next Federal Reserve chair and intends to name a successor to Jerome Powell "soon."
U.S. stocks finish mixed as Intel plunge offsets tech gains
