Major U.S. stock indexes were mixed on Friday after a volatile few days of trading as investors braced for a huge week of key economic data and earnings reports.
The Dow Jones Industrial Average fell 0.2%, while the S&P 500 and Nasdaq Composite rose 0.5% and 1.2%, respectively. On Thursday, the Dow Jones Industrial Average ended its fourth consecutive day of losses, but the S&P 500 and Nasdaq rose as electric car maker Tesla (TSLA) had its best day in more than a decade. The Nasdaq is on track for its seventh straight week of gains, while the S&P 500 and Dow are on track to end their six-week winning streaks.
Tesla shares, which soared 22% yesterday, rose another 2% on Friday, with other large-cap tech stocks also rising. Nvidia (NVDA), Apple (AAPL), Microsoft (MSFT), Alphabet (GOOGL), Amazon (AMZN), Meta Platform (META), and Broadcom (AVGO) have all emerged.
After a busy few days with major companies announcing their financial results, Friday’s calendar is relatively light. Deckers (DECK) shares rose 13% after the Ugg and Hoka shoe maker reported better-than-expected quarterly results, boosting its outlook. Centene (CNC) stock rose 10% after the managed care company reported strong earnings, while Colgate-Palmolive (CL) fell 4% after the earnings report.
Next week, “Magnificent 7” members Apple, Microsoft, Alphabet, Meta, and Amazon will be joined by Intel (INTC), Advanced Micro Devices (AMD), McDonald’s (MCD), Eli Lilly (LLY), and ExxonMobil (XOM). ) will release an earnings report. ), Starbucks (SBUX) and many other notable companies.
On the economic data front, consumer confidence data released Friday morning exceeded economists’ expectations. Investors are bracing for key indicators such as inflation, gross domestic product (GDP) growth and the monthly jobs report next week. Market participants are looking for continued signs that the economy is on sound footing and information that could influence the Federal Reserve’s future interest rate decisions.
The yield on the 10-year U.S. Treasury, which is sensitive to expectations about where interest rates will go, was little changed in recent trading at 4.20%. Yields rose above 4.20% earlier this week for the first time since late July as investors readjusted their expectations about how aggressive the Fed will be in cutting its benchmark lending rate.
Gold futures prices were stable this morning around $2,750 an ounce, while Bitcoin rose slightly to around $68,500.
