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US stocks closed mixed Friday as Treasury yields ripped higher, and markets logged weekly losses as uncertainty over the Federal Reserve’s next move shadowed a robust earnings season in full swing.
The S&P 500 (^GSPC) climbed just below the flat line Friday after the benchmark snapped a three-day losing streak the previous day. The Dow Jones Industrial Average (^DJI) shed 0.6%, while the tech-heavy Nasdaq Composite (^IXIC) put on about 0.6%, close to the Nasdaq’s record of 18,579. Major tech names pushed the index higher in anticipation of earnings next week.
Stocks are struggling somewhat as fresh questions over the Fed’s interest rate policy put pressure on investor appetite for risk. The benchmark 10-year yield (^TNX) rose to around 4.23%, coming closer to a three-month high above 4.25% that it hit midweek.
The Dow and S&P 500 notched downbeat weeks after taking a hard knock amid worries the Federal Reserve will slow or even halt its interest rate cuts.
Investors are also bracing for potential disruption on the horizon from the October US jobs report due next Friday and the tight presidential election a week later.
Meanwhile, Tesla’s (TSLA) earnings surprise has laid the groundwork for five other "Magnificent Seven" megacaps reporting next week: Google parent Alphabet (GOOG, GOOGL), Meta (META), Microsoft (MSFT), Apple (AAPL), and Amazon (AMZN).
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